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Korean Courts Seize Investor's Shares in Crypto Exchange Bithumb

Korean Courts Seize Investor's Shares in Crypto Exchange Bithumb
Korean regulators announced the seizure of the shares of crypto exchange Bithumb from a major investor earlier today amidst an ongoing case of the exchange allegedly defrauding its clients, as per local outlet Newsfreezone .
BK Chairman Kim Byung-Geon, who had been earlier sued in the process of failing to acquire Bithumb, had his holdings in the exchange seized. This came after a decision by Seoul Central District Court on September 14, the report said.

The seizure was completed today at the Bithumb Korea Office in Gangnam-gu, Seoul. It was overseen by accounting firm Samjong KPMG, which will additionally prepare a shortlist to sell further stakes in Bithumb Holdings.
Bithumb is currently undergoing investigations into its business after it allegedly sold its native BXA tokens for about 30 billion won (~$25 million) based on a former takeover deal with the BK Group. However, the exchange then failed to list the token which allegedly led to huge losses for investors.

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