South Korean cryptocurrency exchange Bithumb faces a setback

Despite being the biggest cryptocurrency exchange in South Korea, Bithumb becomes the second crypto-exchange to be under the investigation of the police. Reportedly, the Seoul Metropolitan Police is closely investigating the exchange to store essential shreds of evidence. Origin of the raid The executive officer at Bithumb, Lee Jung-hoon was accused of defrauding customers for allegedly selling BXA tokens and promoting them as Bithumb’s native tokens. Even though, BXA token was neither launched nor listed on the exchange. Beside, Bithumb also announced holding an Initial Public Offering. As a result, Lee Jung-hoon’s involvement in such a scam made investors lose