Bithumb raided again over alleged misuse of executive funds

South Korean prosecutors have raided cryptocurrency exchange Bithumb’s headquarters as part of an ongoing investigation into allegations that former and current executives misused company funds allocated for luxury housing. Summary South Korean prosecutors raided Bithumb’s headquarters in Seoul on October 29 as part of an ongoing investigation into allegations that executives misused company funds allocated for luxury housing. The investigation follows findings by the Financial Supervisory Service that Bithumb provided 11.6 billion won in housing benefits to four former and current executives, with some funds suspected of being used for personal purposes. Prosecutors previously searched Bithumb’s offices in March 2025 over allegations that company funds were improperly used to help a former chief executive purchase an apartment. The latest raid comes as South Korean lawmakers have raised concerns about Bithumb’s internal controls, including allegations involving executive housing benefits, token listing payments and anti money laundering violations. According to an October 29 report by local media outlet News1 Korea, the Major Crimes Prosecution Division 3 of the Seoul Southern Dis...