Core Viewpoint - Bithumb, a South Korean crypto exchange, is under investigation by the Fair Trade Commission for potentially misleading advertising claims regarding its liquidity and promotional practices [1][2][4]. Group 1: Investigation Details - The Fair Trade Commission has sent investigators to Bithumb's headquarters to probe claims made in marketing materials that Bithumb has "the highest level of liquidity in the domestic crypto exchange sector" [1][2]. - The commission is also looking into allegations that Bithumb unfairly attracted customers through a cash giveaway promotion [6]. Group 2: Market Competition - Competition among South Korea's major crypto exchanges is intensifying, with Bithumb and its rival Upbit preparing for significant developments in 2025 [2]. - Upbit currently holds a dominant position in the Korean won trading market, with a market share of 68%, while Bithumb has a 28% share [4]. Group 3: Promotional Practices - Bithumb previously offered new customers approximately $70 for using its application programming interface (API) but is suspected of changing the eligibility conditions during the promotion [7]. - After over 50,000 participants signed up, around 30,000 reportedly did not receive the promised cash handouts due to the altered conditions [8].