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Bithumb under investigation by South Korean authorities

South Korea's National Tax Service is investigating Bithumb

South Korea’s National Tax Service is investigating Bithumb, a cryptocurrency exchange based in the country, for possible tax evasion.

Agents of the Seoul Regional Tax Service’s 4th Bureau of Investigation, which looks into “special tax investigations,” searched Bithumb’s headquarters.

The investigation is looking into domestic and international transactions of Bithumb Korea, Bithumb Holdings, and its affiliates and whether they have been involved in tax evasion related to the ownership of Bithumb.

This is not the first time Bithumb has been investigated by the NTS and its former chair, Lee Jung-Hoon, was recently cleared of fraud charges of $70 million.

Additionally, the largest shareholder and executive of Bithumb was found dead while being investigated for embezzlement and stock price manipulation by local authorities.

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