{"id":1921861,"date":"2023-01-26T23:56:42","date_gmt":"2023-01-27T04:56:42","guid":{"rendered":"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/plato-data\/more-bad-news-for-south-koreas-bithumb-exchange-with-kimchi-coin-manipulation-allegations\/"},"modified":"2023-01-26T23:56:42","modified_gmt":"2023-01-27T04:56:42","slug":"more-bad-news-for-south-koreas-bithumb-exchange-with-kimchi-coin-manipulation-allegations","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/more-bad-news-for-south-koreas-bithumb-exchange-with-kimchi-coin-manipulation-allegations\/","title":{"rendered":"More bad news for South Korea\u2019s Bithumb exchange with \u201cKimchi coin\u201d manipulation allegations"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/wp-content\/uploads\/2023\/01\/more-bad-news-for-south-koreas-bithumb-exchange-with-kimchi-coin-manipulation-allegations.png\" class=\"ff-og-image-inserted\"><\/div>\n<p>South Korean prosecutors raided the Bithumb cryptocurrency exchange on Thursday on allegations of price manipulation and fraudulent transactions in local tokens, including GoMoney2 and Pixel Coin, according to local media reports. Bithumb executives were separately charged earlier this week with alleged embezzlement and stock price manipulation.<\/p>\n<p><strong><em>See related article:<\/em><\/strong> <a href=\"https:\/\/forkast.news\/headlines\/korea-vglobal-crypto-pyramid-25-years\/\">CEO of South Korea\u2019s V Global US$2 bln crypto pyramid scheme gets 25 years in prison<\/a><\/p>\n<h2>Fast facts<\/h2>\n<ul>\n<li>The search of Bithumb is to gather transaction data on the GoMoney2 and Pixel Coin, the Seoul Southern District Prosecutors\u2019 Office told <a href=\"https:\/\/www.yna.co.kr\/view\/AKR20230126165500004?input=1195m\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Yonhap News Agency<\/a>.<\/li>\n<li>GoMoney2 is still being traded on Bithumb, while Pixel Coin was never listed on the platform. Prosecutors are <a href=\"https:\/\/news.mt.co.kr\/mtview.php?no=2023012611103835944\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">reportedly<\/a> planning to conduct a search and seizure on the local Coinone and Upbit exchanges, which both delisted Pixel for failing to meet internal standards.<\/li>\n<li>Separately, Seoul prosecutors on Wednesday requested an arrest warrant for Kang Jong-hyun, reportedly the chairman of Bithumb, for alleged embezzlement and fraudulent transactions.&nbsp;<\/li>\n<li>His sister Kang Ji-yeon is the chief executive officer of two Bithumb affiliates, Inbiogen and Bucket Studio, who was also investigated by authorities in January for alleged embezzlement and stock price manipulation. Kang\u2019s Inbiogen owns video equipment manufacturer Vidente, which is the single largest shareholder of Bithumb Holdings.<\/li>\n<li>Bithumb is the second largest cryptocurrency exchange in South Korea by trading volume, and is one of the country\u2019s five fully-licensed platforms with Upbit, Coinone, Korbit and GOPAX.&nbsp;<\/li>\n<li>South Korean crypto investors nicknamed locally issued cryptocurrencies \u201cKimchi coins\u201d after the country\u2019s representative fermented vegetable dish.&nbsp;<\/li>\n<li>Bithumb did not immediately respond to Forkast\u2019s request for comments.&nbsp;<\/li>\n<\/ul>\n<p><strong><em>See related article:<\/em><\/strong> <a href=\"https:\/\/forkast.news\/headlines\/paycoin-skorea-suspends-payments-token\/\">Paycoin seeks reapproval after S.Korea suspends the payments token: report<\/a><\/p>\n<ul class=\"plato-post-bottom-links\">\n<li class=\"plato-post-bottom-link-amplifi\">SEO Powered Content &amp; PR Distribution. <a href=\"https:\/\/www.amplifipr.com\" target=\"_blank\" rel=\"noopener\">Get Amplified Today.<\/a><\/li>\n<li class=\"plato-post-bottom-link-platoblockchain\">Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. <a href=\"https:\/\/platoblockchain.com\" target=\"_blank\" rel=\"noopener\">Access Here.<\/a><\/li>\n<li class=\"plato-post-bottom-link-source\"><span>Source:<\/span> <a href=\"https:\/\/forkast.news\/headlines\/bithumb-south-korea-kimchi-coin\/\" target=\"_blank\" rel=\"noopener\">https:\/\/forkast.news\/headlines\/bithumb-south-korea-kimchi-coin\/<\/a><\/li>\n<\/ul>\n","protected":false},"author":1,"featured_media":1921862,"template":"Default","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"start":0,"end":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[],"sources":[]},"genre":[41],"station_tag":[13775,9080,10303,39830,23487,21045,18340,3943,4135,28443,23439,9224,5006,3827,5419,3688,4607,3638,18498,4422,13294,39833,3641,25462,21132,3831,3767,3895,3642,3834,13091,40053,5503,3797,3727,4171,39930,4172,47262,4074,18500,12465,3650,13698,19265,3953,40133,3700,28672,9411,18501,4992,13897,4993,18647,11367,8544,4279,7142,18392,7030,4353,28755,10997,6100,459,13286,3707,17454,14275,3859,15315,16743,5114,3861,3862,7457,8453,9642,3665,29018,31504,6557,24692,39867,4390,12955,11484,46545,39707,10273,3811,15409,31473,15016,4997,3871,13654,47144,4985,4998,6447,4224,13751,4028,8960,13215,24689,19267,4036,3813,40387,3673,20757,3752,3753,18502,3874,3756,28676,11564,3815,36520,11454,3941,3937,14555],"artist":[10757],"mood":[],"activity":[],"_links":{"self":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station\/1921861"}],"collection":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media\/1921862"}],"wp:attachment":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media?parent=1921861"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/genre?post=1921861"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station_tag?post=1921861"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/artist?post=1921861"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/mood?post=1921861"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/activity?post=1921861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}