South Korean media reports that Bitmax, a Bitcoin treasury company, has secretly transferred all 550 Bitcoins it holds to a centralized exchange (CEX).

CoinFeed reported on March 17th that, according to South Korean media outlet Maeil Business Newspaper, Bitmax, a KOSDAQ-listed company in South Korea, transferred all of its more than 550 Bitcoins to cryptocurrency exchanges such as OKX, Bitget, Binance, and Bybit before implementing a 4-to-1 gratuitous capital reduction. On-chain tracking shows that the transfer began on January 15th in batches of 100 or 50 Bitcoins, and was completed by February 5th. Bitmax confirmed that it had transferred the Bitcoins from its original custodian, Koda, to the aforementioned exchanges, but stated that it still holds all of the Bitcoins and declined to disclose the reason for the transfer. Currently, its official website still displays proof of balance based on Koda custody. Bitmax announced its Bitcoin Treasury strategy last March, allowing investors to indirectly gain Bitcoin exposure by purchasing its shares.