The prosecution is also investigating the #Bithumb leaders and employees for listing virtual currencies in exchange for payment.

Similar to the South Korean encryption exchange Coinone, it was revealed on March 17 that employees of the South Korean encryption exchange Bithumb are also under investigation by law enforcement for allegedly taking payment to list cryptocurrencies. The office of Bithumb Holdings and the suspect Lee were taken and searched by the Financial Investigation Division 2 of the Seoul Southern District Prosecutors Office.

While the prosecution is undertaking an investigation, it is impossible to say, the platform official said. But I'm not sure what it's about because the prosecutor's office's seizure and search did not target Bithumb assets, but rather humans.

Mr. Lee, a worker for Bithumb Holdings, the company that owns this virtual asset exchange, is being investigated by the prosecution for listing a certain virtual currency on the exchange for cash. Her aunt's home and the office of Bithumb Holdings are alleged to have been searched and confiscated by the Financial Investigation Division 2 of the Seoul Southern District Prosecutor's Office, led by Chief Prosecutor Chae Hee-man.

A former Coinone employee named Jeon was under investigation in February by the Seoul Southern District Prosecutor's Office for allegedly accepting hundreds of millions of won in exchange for listing many cryptocurrencies that had just been introduced to the market.

Other #virtual asset exchanges were put on high alert when the prosecution began looking into Bithumb and Coinone, the second and third largest companies in the sector, on the basis of allegations of #illegal listing. This is due to the fact that there has been ongoing debate in the virtual asset market regarding "illegal listing," which involves the listing of virtual currencies for money, and that new problems could arise as a result of the investigation by the prosecution.

Upbit, South Korea’s largest crypto exchange, has been in the news lately as 20 million XRP worth $11.4 million were withdrawn from the exchange in just one hour.

According to Whale Alert, the funds were transferred to an unknown wallet and then further redirected to other addresses. While 4 million XRP was sent back to Upbit, the whereabouts of the rest of the funds are unknown.

@azcoinnews

This move comes at a time when the price and trading volume of XRP on Upbit are soaring. XRP’s price has risen by 27.4% in just the past three days, breaking through the 768 KRW per token mark today.

XRP has maintained its position as the most traded cryptocurrency on Upbit and Bithumb, the two largest crypto exchanges in Korea. It accounts for 35% of the total trading volume of $1.93 billion on Upbit and 42% of the total trading volume of $400 million on Bithumb.

XRP/KRW 30 minutes – chart on Upbit exchange

XRP’s total turnover on Upbit is already at $674.77 million, nearly four times that of Bitcoin (BTC). The surge in XRP’s price and trading volume has been attributed to several factors, including Ripple’s recent announcement of a new partnership with a major Japanese bank, as well as rumors of an upcoming relisting of XRP on several major exchanges.

In the meantime, Upbit has assured its customers that their funds are safe and secure, despite the recent withdrawal of a large amount of XRP. The exchange has also stated that it will continue to monitor the situation closely and take all necessary steps to ensure the safety of its customers’ assets.

This news is yet another indication of the growing interest in cryptocurrencies, particularly in South Korea, where crypto trading has become increasingly popular in recent years. It remains to be seen how XRP’s price and trading volume will develop in the coming days and weeks, but for now, it seems that the cryptocurrency is on a strong upward trend.

#Ripple #XRP #Upbit #Bithumb #azcoinnews

This article was republished from azcoinnews.com