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South Korea's National Tax Service Investigates Bithumb

The South Korean National Tax Service (NTS) investigates Bithumb, a local cryptocurrency exchange, for possible tax evasion.

Bithumb logo
Bithumb logo

Tax agents raided the exchange's headquarters in Seoul as part of a compliance investigation. The investigation is being carried out by the 4th Bureau of Investigation of the Seoul Regional Tax Service, which specifically investigates "special tax investigations" as opposed to standard ones.

Bithumb Under Special Tax Investigation

Bithumb was previously under a special tax investigation by the NTS in 2018, which resulted in the exchange winning around $64 million in income tax. This new investigation comes after the acquittal of Bithumb's former chair Lee Jung-Hoon who was facing allegations of $70 million in fraud charges.

Recent Developments Involving Bithumb

Adding to the recent developments, on December 30, Park Mo, the largest shareholder and executive of Bithumb, was found dead. Park Mo was under investigation for embezzlement and stock price manipulation by local authorities. He was one of several crypto billionaires who died in close succession.