South Korean authorities have raided Bithumb's headquarters in Seoul as part of an investigation into allegations that former CEO Kim Dae-sik misused company funds. Reports indicate that he allegedly used $2 million from the company to pay a security deposit for his personal apartment rental. The investigation was confirmed by local newspaper Chosun Daily, citing a statement from the Seoul Southern District Prosecutors' Office. Bithumb acknowledged some suspicions and stated that Kim repaid the borrowed amount following a previous Financial Supervisory Service investigation. Bithumb, a major player in the South Korean cryptocurrency market, has faced various legal troubles, including tax evasion probes and fraud allegations against its senior management. This latest incident complicates the exchange's plans for an IPO, especially as it aims to secure a listing on the Nasdaq. Founded in 2014, Bithumb once held roughly 90% of South Korea's crypto trading volume but has been grappling with legal challenges in recent years.

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