The Big South Korean Exchange that we reported about recently in our blockchain news, is facing hundreds of accusations after allegations of the mysterious CEO emerged of harassing the employees and even a kidnapping case emerged.
There is supposedly a politician involved in the entire drama with an assault and kidnapping case now unraveling but also artificially inflated trading volume figures. As per the previous reports, the head of the Bit South Korean Exchange has been charged with assaulting one of his employees earlier in February this year. The police said that the CEO refused the let the employee in question leave the company office for up to 10 hours and physically attacked and extorted the employee as well as verbally threatening other staff members. The SEO with the last name Choi is thought to have suspected the employee in question was doing insider trading.
The details further from the case show that the news agency Yonhap and the media outlet Money Today reported that an unnamed politician is in the heart of the entire issue. The politician who once had a top administrative role in the presidential office served on the company’s managerial board and has left to found a new crypto exchange later. While the politician was serving as the manager at the exchange, the board was complicit in a scheme that involved a lot of employees that made trades on the platform driving the volume numbers up.
The police also said that a group of customers had also launched a civil case against the exchange and that it has reneged on promises to reward the buyers of certain tokens with airdrops in the major cryptocurrencies. The company is said to have run these issues from August 2018 until January this year and the customers alleging, they are yet to receive their rewards. The South Korean media outlets have been restricted from providing further details such as the name of the exchange and the CEO’s full name. however, the news agencies describe the exchange as one of the most famous and ‘’top-level’’ exchanges in the country.
Yonhap stated that they contacted the exchange in question but they do not want to inform the customers yet as no wrongdoings have been proved. Choi the CEO of Bithumb didn’t respond to previous requests for comment and Upbit confirmed that their CEO has not been arrested.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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