- Chris Hedges: How Republicans, Democrats, and the Media Have Weakened US Democracy
- Far-reaching plans
- Money in the morning, chairs in the evening
- A year of bad luck
Chris Hedges: How Republicans, Democrats, and the Media Have Weakened US Democracy
The media learned about the arrest of the office of the largest South Korean exchange Bithumb
The head of Bithumb, according to law enforcement agencies, is a key person involved
The exchange held an ICO worth $ 25 million, but never added the token to the listing
Incident related to the takeover of the exchange by the Blockchain Exchange Alliance
International consortium of news organizations developing transparency standards.
The exchange is suspected of fraud in the amount of more than $ 20 million related to the listing of a cryptocurrency asset
Law enforcement agencies of South Korea came with searches to the office of the largest South Korean crypto exchange Bithumb.
Reported by local newspaper Seoul Shinmun, citing the Seoul government.
The exchange attracted the attention of the police due to the incident related to the listing of the Blockchain Exchange Alliance (BXA) token.
The exchange reportedly held a presale of tokens worth $ 25 million, but never added BXA to the listing..
The incident happened back in November 2019, however, the actual investigative actions against Bithumb did not begin until September 2.
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In early 2019, Blockchain Industries holding company signed an agreement of intent to merge with Bithumb no later than March 1, 2019.
The plan was to create a new venture called the Blockchain Exchange Alliance (BXA), as well as subsequent listing on the NASDAQ New York Stock Exchange.
At the end of 2019, the BXA alliance entered the final stage of buying Bithumb.
Money in the morning, chairs in the evening
It was reported that as a result of the takeover, Bithumb was supposed to place a token. As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More BXA and also use it as your own token for global payments on your platform.
With the help of a closed ICO, the exchange raised $ 25 million for the token even before the acquisition, but the BXA token itself was never added to the listing.
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It is reported that the failure to place the BXA token on Bithumb was associated with an underpayment by BTHMB as part of the takeover of the exchange.
At the time of this writing, the police sealed the Bithumb office and also seized all computer equipment..
Bithumb CEO Lee Jong Hoon is a key player in South Korea’s law enforcement.
A year of bad luck
This is not the first time that Bithumb has been in the spotlight by the Korean authorities..
In June 2019, the exchange was found guilty of violating the necessary measures to protect personal information, which led to the leakage of 31,000 user personal data in 2017.
In March of the same year, over a million EOS were stolen from Bithumb via a digital wallet..
Ongoing litigation could hit Bithumb’s business hard with South Korea recently ranked among the top countries regulating the cryptocurrency industry by the Financial Action Task Force (FATF) standards.
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