Bithumb CEO Accused Of Taking $3.7B Bribe To List FANC And Manipulating Price

Key Points:

• The Bithumb CEO is suspected of taking a bribe of 5 billion won equivalent to $3.7 billion, to list the FANC token.
• CELEbe Korea, the issuer of the FANC (Fancy) Coin is receiving a search warrant and confiscation.
• FANC’s price trend is suspected of market manipulation on May 25-26.

The CEO of Bithumb is suspected of taking a $3.7 million bribe to list the FANC token. CELEbe Korea, the issuer of the FANC coin, was searched.

According to an exclusive report by Digital Asset, the prosecution recently arrested and searched CELEbe Korea, the issuer of the FANC coin, in connection with allegations that the CEO of Bithumb Holdings received a bribe of 5 billion won (about $3.7 million).

The prosecutor’s office confiscated and searched CELEbe Korea, the issuer of the FANC (Fancy) Coin, on the grounds that there was evidence.

Bithumb Holdings is a holding company of Bithumb, and CEO Lee is known as the closest aide to Bithumb’s major shareholder (former chairman of the board), Lee Jung-hoon.

The media added, among South Korean crypto exchanges, only Bithumb listed the FANC token (online as of March 2023), and about 87% of the transactions are taking place on the platform. This cryptocurrency exchange. Besides, FANC’s price trend is suspected of market manipulation centered on May 25-26.

According to the data, the trading volume more than doubled, and the price increased by about 6.6%. This range is not large in the crypto market but it is questionable due to the small volume of FANC trading. As of May 26, FANC’s trading volume is around 1.4 billion won ($1.05 million), which is relatively low.

Currently, Bithumb has also been confiscated and searched by the prosecutor’s office in connection with allegations of mass transfer of Wemix (WEMIX) by an independent lawmaker Kim Nam-guk.

The exchange was at the center of controversy when Congressman Kim transferred approximately 900,000 WEMIX to Upbit in March 2022. Congressman Kim did not report the unusual transaction to the Financial Intelligence Unit (FIU) and confiscated and searched.

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