One of the world’s largest Bitcoin and Ether cryptocurrencies exchanges Bithumb has recently been hacked, resulting in loss of more than $1 Million in cryptocurrencies.
Upbit experienced interesting trading trends recently. Its daily volume dropped to $3.8 billion in early April, a notable decline from its March peak.
Currently, crypto exchanges in South Korea are competing against each other for dominance.
Manta Network is part of a rising cohort of new blockchains designed to offer faster transactions at lower costs compared to established networks like Ethereum.
In tandem with the IPO preparations, Bithumb has initiated efforts to improve its corporate structure.
Bitfinex joins a dozen of other centralized and decentralized exchanges that have supported Pepe meme coin through listings.
In addition to this arrest, South Korea’s National Tax Service had also opened a separate investigation into the possible tax evasion at Bithumb and its affiliates.
The proposed South Korean cryptocurrency currency tracking system’ will help the Ministry of Justice to check transaction details, extract related information between transactions, and check the source of funds before and after the remittance.
Bithumb CEO Kang Ji-Yeon and two other executives are facing charges of embezzlement, breach of trust, and conducting fraudulent illegal transactions.
A local report states that the investigation will be conducted by a unit dedicated to “special tax investigations.”
When Terraform Labs and its associated tokens collapsed, Bithumb was one of the exchanges that were raided by the authorities in the search for evidence that could help the investigation.