Bithumb Exchange Fighting Back Against ‘Groundless’ $69M Tax Bill
The South Korea-based exchange is fighting a move by the country's tax authority to withhold over $69 million in tax on foreign cryptocurrency transactions.
The move may mean the investigation is beginning to intensify.
Local officials are said to have raided Bithumb's offices for the second time in a week as part of a fraud investigation.
Lee Jung-hoon allegedly took the funds from BK Group owner Kim Byeong-gun as an upfront "contract fee" in acquisition negotiations.
Crypto exchange Bithumb has reportedly been seized by police in Seoul on allegations that its chairman engaged in investment fraud.
The Bithumb exchange is tapping investigative tools offered by Chainalysis just a week after South Korea voted for tough new laws around the space.