Scan to download
BTC $63,354.61 +1.86%
ETH $1,680.51 +2.83%
BNB $606.87 +1.80%
XRP $1.17 +2.72%
SOL $67.23 +3.33%
TRX $0.3258 -0.49%
DOGE $0.0867 +2.69%
ADA $0.1704 +4.91%
BCH $208.99 -7.08%
LINK $8.00 +3.62%
HYPE $64.13 +8.94%
AAVE $64.27 +2.73%
SUI $0.7619 +1.89%
XLM $0.2007 -2.77%
ZEC $444.07 +6.81%
BTC $63,354.61 +1.86%
ETH $1,680.51 +2.83%
BNB $606.87 +1.80%
XRP $1.17 +2.72%
SOL $67.23 +3.33%
TRX $0.3258 -0.49%
DOGE $0.0867 +2.69%
ADA $0.1704 +4.91%
BCH $208.99 -7.08%
LINK $8.00 +3.62%
HYPE $64.13 +8.94%
AAVE $64.27 +2.73%
SUI $0.7619 +1.89%
XLM $0.2007 -2.77%
ZEC $444.07 +6.81%

rac

Bithumb is once again embroiled in regulatory turmoil, as South Korean police investigate allegations of lawmakers interfering in hiring practices

According to Cointelegraph, South Korean police recently raided the cryptocurrency exchange Bithumb to investigate independent lawmaker Kim Byung-gi for allegedly using his influence to secure a job for his son. It is reported that Kim's son joined Bithumb in January 2025 and worked for about six months. The police are investigating whether there was any external pressure or special treatment during his hiring process.Additionally, the case also involves Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, with the investigation scope expanding from simple recruitment issues to potential power rent-seeking and interest transfer. Investigators pointed out that while serving as a member of the South Korean National Assembly's Administrative Committee, Kim Byung-gi had repeatedly questioned Dunamu during meetings, raising suspicions about whether he was trying to benefit the company where his son worked.It is understood that the police had previously questioned executives from multiple cryptocurrency companies and had conducted searches at Bithumb's headquarters and Bithumb Financial Tower to gather evidence. Kim Byung-gi himself is under investigation for 13 charges, including employment arrangements, bribery for nominations, and requests related to university transfers, and he stated that he believes he will ultimately be able to prove his innocence.It is worth noting that Bithumb has recently faced ongoing regulatory pressure. In March of this year, South Korea's financial regulatory agency imposed a fine of approximately $24.5 million on Bithumb for KYC and anti-money laundering (AML) violations and issued a six-month partial business suspension order. However, a South Korean court temporarily suspended the enforcement of the penalty at the end of April, and the relevant legal procedures are still ongoing.

PiggyBank: LAB token basis trading error, token manipulated by the market, USDC treasury has retracted 15%

The revenue agreement PiggyBank issued a statement acknowledging a serious error in the LAB token basis trading that took place last month. PiggyBank disclosed that the team previously purchased locked LAB tokens at a low price through OTC channels for about $100,000 (accounting for approximately 2% of the portfolio) and simultaneously shorted perpetual contracts for hedging.However, during the holding period, LAB encountered severe market manipulation, liquidity depletion, and deeply negative funding rates, leading to excessively high hedging costs. The team ultimately chose to close the short position to limit downside risk. Based on current prices, the total value of the locked LAB position is $1.35 million. However, due to the lack of liquidity in this position, PiggyBank will exclude it from the net asset value calculation until the first unlock on August 14.Although the situation is still changing and there is still potential for considerable returns, this is the "fairest and most transparent" way for users to manage liquidity. Therefore, today's net asset value will show a decline of approximately 15% in the USDC treasury, about 12% in SPYx, and about 9% in JitoSOL. A detailed report will be released next week, including follow-up processing plans. On-chain investigator ZachXBT previously publicly questioned PiggyBank, accusing it of insider control over more than 95% of the supply.
app_icon
ChainCatcher Building the Web3 world with innovations.