Bithumb CEO Accused Of Taking $3.7B Bribe To Record FANC And Manipulating Value

The prosecutor’s workplace confiscated and searched CELEbe Korea, the issuer of the FANC (Fancy) Coin, on the grounds that there was proof.

Bithumb Holdings is a holding firm of Bithumb, and CEO Lee is called the closest aide to Bithumb’s main shareholder (former chairman of the board), Lee Jung-hoon.

The media added, amongst South Korean crypto exchanges, solely Bithumb listed the FANC token (on-line as of March 2023), and about 87% of the transactions are happening on the platform. This cryptocurrency trade. In addition to, FANC’s worth pattern is suspected of market manipulation centered on Could 25-26.

Based on the information, the buying and selling quantity greater than doubled, and the worth elevated by about 6.6%. This vary shouldn’t be massive within the crypto market however it’s questionable as a result of small quantity of FANC buying and selling. As of Could 26, FANC’s buying and selling quantity is round 1.4 billion gained ($1.05 million), which is comparatively low.

At the moment, Bithumb has additionally been confiscated and searched by the prosecutor’s workplace in reference to allegations of mass switch of Wemix (WEMIX) by an impartial lawmaker Kim Nam-guk.

The trade was on the middle of controversy when Congressman Kim transferred roughly 900,000 WEMIX to Upbit in March 2022. Congressman Kim didn’t report the bizarre transaction to the Monetary Intelligence Unit (FIU) and confiscated and searched.

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