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Bithumb To Shut Down Base Of Operation In Korea As Third Wave Of Coronavirus Threatens

Bithumb has announced in a public statement that it will officially shut down some of its base of operations in South Korea as another wave of the coronavirus threatens the country. South Korea has been battling with a surge in the number of cases registered since November, with the number of new cases coming being recorded in the last three days now three times the previous amount.

With the surge of new cases, it is looking as though South Korea is set to welcome the third wave of the coronavirus pandemic. Notably, various health outfits in the United States have announced that their respective cures have recorded more than 90% recovery rate, which means that the country might get special preferences when the drugs are rolled out.

Bithumb plans to shut its base of operations till further notice

Currently, the government has advised citizens in the country to adhere strictly to measures that will curb the spread of the virus in the country. Measures like social distancing, staying at home if there is no need to go out has been advised by authorities. Furthermore, authorities have been tasked with making sure that people make little or no contact if they are outside their homes. With this in mind, Bithumb has told its customers that it will officially shut down its offline base of operations in the country to limit the spread of the virus around its vicinity.

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Specifically, the crypto exchange said that its users based in Seoul would not have access to its offline support for the time being. It is also being suspended to reduce the risk of infection in the region. In its statement, Buitumb said that its Gangnam office will be closed starting from today and will remain closed till things return to normal.

“We hereby wish to announce to our users in the Seoul region that services in our Gangnam office will be suspended and we apologize for the inconveniences caused. When activities return to the office, we will release an official statement to that effect,” Bithumb said.

Bithumb investigated for fraudulent coin listing

Bithumb had a very dark September to remember as it made headlines in the crypto sector for the wrong reasons. According to reports, the crypto exchange headquarters was raided by local authorities on three different occasions, with certain documents belonging to the firm confiscated in the days that followed. Furthermore, during one of the raids, the director of Bithumb in Korea had his shares in the company confiscated by authorities. Giving their reason for the raid, Authorities claimed that Bithumb had carried out a fraudulent token presale of its BXA token worth around $25.2 million.

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Bithumb reneged on its promise to list the token after it held the presale but failed to list the coin, much to the dismay of investors who alerted authorities in the process. In the days that followed, the chairman of Bithumb was officially summoned by authorities, which prompted rumors that the crypto exchange was up for sale.

In a separate report, a local media outlet claimed that the crypto exchange was put on sale for a price range of $430 million to $604 million. Even though the report has claimed that multiple foreign parties are interested in the crypto exchange, Bithumb has declined from making any comment regarding either the sale or the investigation by authorities.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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