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South Korean prosecutors raided the headquarters of crypto exchange Bithumb on March 19 as part of an investigation into whether the company’s former CEO misused corporate funds to purchase an apartment, according to local media reports.

Authorities from the Seoul Southern District Prosecutors’ Office searched Bithumb’s Yeoksam-dong offices, looking into claims that the exchange provided a 3 billion won ($2.3 million) lease deposit to its former CEO and current advisor, Kim Dae-sik.

Investigators suspect that Kim used a portion of these funds to acquire a personal residence in Seoul’s Seongsu-dong district.

The timing of the investigation raises fresh concerns for Bithumb, which has been working toward a long-awaited initial public offering (IPO).

CEO Lee Jae-won recently reaffirmed the company’s intent to list on the stock market in 2025 and has made structural changes to minimize legal risks tied to key shareholders.

The Financial Supervisory Service (FSS), South Korea’s financial regulator, previously examined the case before transferring it to prosecutors.

Following the investigation, a Bithumb spokesperson acknowledged in an interview with The Chosun Daily that Kim had taken a loan from an external lender after the FSS investigation and later repaid the funds.

Despite the repayment, prosecutors are reviewing whether the original transaction violated financial regulations or corporate governance rules. The case has intensified scrutiny over Bithumb’s internal financial management as authorities continue to monitor the country’s crypto sector for potential misconduct.

It has also raised concerns about broader governance and financial practices within the exchange, which has faced repeated legal and regulatory scrutiny in recent years.

The raid comes amid separate allegations that Bithumb and rival exchange Upbit facilitated token listings through intermediaries who allegedly charged projects hefty fees.

Researcher Wu Blockchain reported that some projects paid between $2 million and $10 million to secure listings on the exchanges. The allegations also suggest that certain intermediaries had ties to Upbit shareholders and market makers, with fees ranging from 3% to 5% of token supplies.

Upbit has denied the claims and demanded that Wu Blockchain provide a list of projects that allegedly paid brokerage fees, calling for evidence to support the accusations.

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