The Seoul Metropolitan Police Agency has reportedly raided the headquarters of South Korea’s largest cryptocurrency exchange bethumb, over alleged fraud related to a $25 million token sale.

The total value locked in decentralized finance applications has surpassed the $9 billion mark. Data from DeFi Pulse shows that one year ago there were less than $500 million locked in the space, and that its growth was relatively slow up until June of this year, when DeFi lending protocol Compound started distributing its COMP governance token.

A Twitter account linked to Indian Prime Minister Narendra Modi, the Prime Minister’s National Relief Fund (PMNRF), was hijacked by hackers who used to account to trick users into sending them cryptocurrency.

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Top stories in the Crypto Roundup today:

• Authorities Reportedly Raid Headquarters of South Korea’s Largest Exchange Bithumb
• Total Value Locked in DeFi Hits Surpasses $9 Billion 
• Hackers Hijack Twitter Account Linked to India’s Prime Minister to Ask for Crypto
• LRC, UMA, XEM Are Moving the Crypto Market
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Authorities Reportedly Raid Headquarters of South Korea’s Largest Exchange Bithumb

The Seoul Metropolitan Police Agency has reportedly raided the headquarters of South Korea’s largest cryptocurrency exchange bethumb, over alleged fraud related to a $25 million token sale.

The alleged fraud was reportedly related to the $25 million sale of the BXA tokens to investors, and a proposed acquisition by Singapore-based platform BTHMB. TheNews reports BRTHMB defaulted on its last payment to acquire 51% of Bithumb, and as a result the platform never listed the BXA token on its platform.

The tokens were sold to investors for 150 to 300 KRW ($0.13 to $0.25) each, and a total of 300 participants invested over $25 million into the token sale. As time went by and the BXA token was not listed on Bithumb, it kept losing value to the point each token is now worth 3 KRW ($0.0026).

Lee Jung-hoon, Bithumb’s chairman, has been accused of fraud and illicitly moving funds overseas.

This is notably the second raid on a South Korean crypto exchange this week, as Coinbit was seized by authorities earlier on allegations it faked most of its trading volume.

Total Value Locked in DeFi Hits Surpasses $9 Billion

The total value locked in decentralized finance applications has surpassed the $9 billion mark. Data from DeFi Pulse shows that one year ago there were less than $500 million locked in the space, and that its growth was relatively slow up until June of this year, when DeFi lending protocol Compound started distributing its COMP governance token.

The COMP token’s launch saw a yield farming trend take off, as users were lending and borrowing funds from DeFi protocols that issued governance tokens in a bid to maximize their yields with the token rewards.

The trend also saw protocols emerge to help users maximize their earnings using decentralized finance applications. As a result, the total value locked in the space surged past $9 billion, with Uniswap leading the charge after users locked over $1.59 billion worth of cryptocurrency in it.

Next comes DAI stablecoin issuer Maker, with $1.54 billion, and it’s followed by lending protocol Aave with $1.49 billion. Curve Finance is the last project with over $1 billion locked in it.

Hackers Hijack Twitter Account Linked to India’s Prime Minister to Ask for Crypto

A Twitter account linked to Indian Prime Minister Narendra Modi, the Prime Minister’s National Relief Fund (PMNRF), was hijacked by hackers who used to account to trick users into sending them cryptocurrency.

In a series of tweets the hackers posted to PMNRF’s 2.5 million followers, they asked for donations in cryptocurrencies. It’s currently unclear whether the funds were sent to a private wallet address, and how much was siphoned off.

Donations to the PMNRF are usually paid in fiat currency and used to provide relief to families of those killed in natural disasters. A Twitter spokeswoman said in an emailed statement the firm is “actively investigating the situation,” and that the social media firm is “not aware of additional accounts being impacted.”

The incident comes after recent high-profile hacks that saw hackers hijack major Twitter accounts, including those of Democratic Presidential nominee Joe Biden, Tesla's Elon Musk, Kanye West, Binance, Coinbase, Uber, and Apple.

LRC, UMA, XEM Are Moving the Crypto Market

There are several tokens leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos.

Loopring (LRC) – Decentralized exchange Looping has seen its LRC token move up 18.35% over the last 24-hour period after it announced the integration of Band Protocol cross-chain oracles to provide price data for all cryptoassets it supports.

UMA (UMA) – UMA is a project building “open-source infrastructure for priceless financial contracts on Ethereum” and its UMA token has moved up 17.84% in the last 24 hours to $22.8.

NEM (XEM) – NEM’s XEM token moved up nearly 7% over what appear to be new listing on cryptocurrency exchanges and the seizure of cryptocurrency linked to a major hack that saw hackers steal over $500 million worth of XEM from Coincheck. The price is also moving up over the launch of SYMBOL.

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