$2 Million Scandal: Ex-Bithumb CEO Accused of Misusing Company Money

South Korean authorities are looking into claims that Kim Dae-sik, who once served as CEO and is now an advisor to the company, used around $2 million of company money to pay for a private apartment lease. The Seoul Southern District Prosecutors’ Office confirmed it carried out the search on March 20.

Founded in 2014, Bithumb was once the most active exchange in South Korea. It reportedly handled nearly 90% of all trading volume in the country.

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However, in recent years, the company has faced a growing number of legal and financial problems. Past cases have included tax issues and other allegations involving top-level management.

The case first gained attention after the Financial Supervisory Service (FSS) reviewed the matter. After finishing its own inquiry, the FSS sent its findings to the prosecutors, which prompted further investigation.

A Bithumb spokesperson told The Chosun Daily that part of the claims were correct. The company said Kim took a loan from another business right after the FSS began looking into the issue.

According to Bithumb, he later repaid the full amount that had been spent on the apartment lease.

On March 18, filmmaker Carl Erik Rinsch was accused of misusing $11 million from Netflix on crypto, stock trading, and luxury spending. How did the case unfold? Read the full story.