The National Tax Service has launched a special tax investigation into Bithumb, a cryptocurrency (virtual currency) exchange. It is the first time in five years that Bithumb has been under tax investigation since 2018.
According to industry sources on the 10th, the Seoul Regional Tax Office deployed dozens of investigators to Bithumb Korea and Bithumb Holdings headquarters in Gangnam-gu, Seoul earlier in the day. The Seoul Metropolitan Government's investigation bureau 4, which is in charge of irregular tax investigations, was in charge of the investigation. The corporations surveyed reportedly included all major affiliates such as Bithumb Korea, Bithumb Holdings, and Bithumb Meta. An official from Bithumb said, "It is true that the tax investigation has been conducted, but it is not yet known exactly what part we are looking at."
The National Tax Service earlier launched a tax probe into Vidente, the largest shareholder of Bithumb Holdings, which owns Bithumb Korea and Bithumb in December last year. At that time, a tax investigation was also conducted on Inbiogen, which actually owns Vidente. According to Bithumb's governance structure, tax audits are being conducted sequentially from top corporations.
This tax investigation seems to have something to do with the prosecution's investigation. The Seoul Southern District Prosecutors' Office is currently investigating allegations of embezzlement and stock price manipulation by the management of Bithumb affiliates. On the previous day, Kang Jong-hyun, a businessman who was named the real owner of Bithumb, was summoned. The National Tax Service also plans to look into whether there have been any tax evasion activities by management and others.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
