South Korea is investigating Bithumb
2023.01.10 12:16
South Korea is investigating Bithumb
By Tiffany Smith
Budrigannews.com – According to reports in the area, the National Tax Service (NTS) of South Korea is conducting a “special tax investigation” into the cryptocurrency exchange Bithumb.
As part of a compliance investigation, tax agents reportedly raided the exchange’s headquarters in Seoul, the nation’s capital, on January 10. By scrutinizing Bithumb Korea, Bithumb Holdings, and its subsidiaries’ domestic and international transactions, authorities are looking into the possibility of tax evasion.
Additionally, the agents are looking into the possibility of Bithumb ownership-related tax evasion.
The Seoul Regional Tax Service’s Fourth Bureau of Investigation, which focuses on “special tax investigations” as opposed to standard ones, conducted the investigation.
In 2018, the NTS conducted a special tax investigation into Bithumb, which resulted in the company receiving approximately $64 million in income tax benefits.
This development comes after Lee Jung-Hoon, the former chair of Bitchumb, was found not guilty of $70 million in fraud charges on January 3.
Park Mo, an executive at the largest shareholder of Bithumb, was found dead on December 30 just before the acquittal. Local authorities were looking into him for stock price manipulation and embezzlement.
The executive’s death was the most recent in a string of crypto billionaires who passed away within a month of each other. Others include MakerDAO co-founder Nikolai Mushegian and Amber Group co-founder Tiantian Kullander. The fact that they occurred around the same time as FTX’s collapse has been cited by some in the community.
In light of the turmoil that has since engulfed the sector, regulators all over the world have been closely monitoring the crypto industry.
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