South Korea begins looking into the Bithumb cryptocurrency exchange.

According to reports, the National Tax Service (NTS) of South Korea has launched a “special tax inquiry” into Bithumb Korea and Bithumb Holdings to ascertain if the bitcoin platform has conformed with local tax regulations.

The authorities have also looked into Kang Ji-yeon and Kang Jong-hyeon, who are thought to be the exchange's real owners.

Tax Concerns for the Local Giant

The 4th Bureau of Investigation of the Seoul Regional Tax Service would investigate if Bithumb had engaged in any tax avoidance, based on a recent report. It is important to note that this component only resolves unique tax cases.

The NTS will allegedly monitor the company's domestic and foreign transactions to confirm Bithumb's tax operations. The actions of Kang Ji-yeon, his younger sister, and Kang Jong-hyeon, the fictitious owner of the company, are being further investigated by the authorities.

According to several rumors, Jong-hyeon is Bithumb's major shareholder. To maintain a low profile, he has listed several of his corporate interests, properties, and automobiles in the name of his sibling. The unknown man is reportedly dating Park Min-young, according to latest stories in the South Korean media (one of the most famous local actresses).

The authorities looked into Bithumb's taxes similarly in 2018. They collected 80 billion won (more than $64 million) in income tax at that time.

Drama Recently Involved With Bithumb

The Vice President of Vidente, Mr. Park, was discovered deceased close to his Seoul house at the end of 2022, and CryptoPotato said that there were no initial indications of a possible murder. One of the biggest owners in Bithumb Holdings is his business (the organization behind the trading venue).

Park was accused of taking money from customers and manipulating stock prices, and Sam Bankman-Fried, the former CEO of FTX, was apparently in advanced negotiations to buy the exchange.

According to a different report, Lee Jung-hoon, the former head of the South Korean cryptocurrency platform, did not cheat Kim Byung-gun of 112 billion won ($87.5 million) or breach the Act on the Aggravated Punishment of Specific Economic Crimes. He might well have received a sentence of up to eight years in prison if the judge had convicted him.

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