Evidence of market manipulation by South Korean crypto exchange Bithumb includes a 2023 raid on its offices as part of a probe into price manipulation of a listed coin, with prosecutors investigating transactions linked to profit-driven price movements. In 2018, posts on X alleged $250 million in daily fake trading volume at Bithumb, pointing to wash trading. Additionally, executives, including former chairman Kang Jong-hyun, faced arrests for embezzlement and stock manipulation, raising concerns about illicit practices. A 2023 investigation also targeted Bithumb for alleged bribery in token listings. These incidents, coupled with regulatory scrutiny and a history of hacks, suggest potential manipulative activities, though Bithumb has denied some allegations.