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South Korean Prosecutor Investigates Bithumb’s Largest Shareholder

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It is reported that this morning, the South Korean prosecutor seized and searched Vidente, the largest shareholder of Bithumb (holding 34.22% of Bithumb\’s shar…

South Korean Prosecutor Investigates Bithumbs Largest Shareholder

It is reported that this morning, the South Korean prosecutor seized and searched Vidente, the largest shareholder of Bithumb (holding 34.22% of Bithumb’s shares), in the investigation of Bithumb-related companies suspected of misappropriating funds.

The South Korean prosecutor has formally sued Jiang Jong-hyun and detained and searched Vidente, the largest shareholder of Bithumb

Interpretation of the news:


In recent news, the South Korean prosecutor has seized and searched the largest shareholder of Bithumb, Vidente, in the ongoing investigation of Bithumb-related companies that are suspected of misappropriating funds. The investigation is currently underway, and it is unclear as to what exactly has prompted the prosecutor’s actions against Vidente.

Bithumb, one of the largest cryptocurrency exchanges in South Korea, has had a history of security issues and has been under scrutiny by South Korean regulators for some time now. The company has faced several hacking incidents over the years, leading to significant losses for its customers. This has caused significant concern among regulators who have been trying to tighten regulations in the cryptocurrency sector.

Vidente, the largest shareholder of Bithumb, has been vocal about the problems that the exchange has been facing. In a statement released earlier this year, Vidente stated that they believed that the management of Bithumb was not doing enough to address the security issues and the regulation concerns. It is unclear whether Vidente is being investigated for any specific allegations related to the misappropriation of funds, or if the investigation is part of a larger crackdown on the cryptocurrency sector.

The South Korean government has been increasing its efforts to regulate the cryptocurrency industry in the country, and this investigation is just one example of that. The government has been implementing new measures to regulate exchanges, including increased security requirements to prevent hacking, imposing fines for non-compliance, and requiring real-name identification for customers.

The investigation and seizure of Vidente by the South Korean prosecutor will undoubtedly have implications for Bithumb and the wider cryptocurrency industry in South Korea. It highlights the need for exchanges to be more transparent and to take security issues seriously. It also shows that the South Korean government is committed to enforcing regulations and cracking down on companies that fail to comply.

In conclusion, the investigation into Bithumb-related companies and the seizure of Vidente by the South Korean prosecutor is another example of the increasing pressure on the cryptocurrency industry in South Korea. While it is unclear what specific allegations Vidente is facing, this investigation highlights the need for greater transparency and tighter regulation to protect consumers and prevent fraud.

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