Bithumb owner Kang Jong-hyun arrested in South Korea charged with embezzlement

According to the reportAccording to local media, Kang Jong-hyun was arrested for embezzlement. The Seoul Southern District Court issued an arrest warrant for the businessman on Jan. 25 on multiple charges. Including neglect of duties, market manipulation, and fraudulent transactions.

Kang Jong-hyun was involved in manipulating shares of Bithumb affiliates Inbiogen and Bucket Studio through the issuance of convertible bonds. Vidente is currently Bithumb’s largest shareholder with a 34.2% stake.

In an announcement on Bucket Studio’s website, CEO Kang Ji-yeon apologized to shareholders. He added that he would cooperate with the authorities in the investigation.

On Jan. 10, South Korea’s national tax authority investigated Bithumb, with investigators reportedly raiding Bithumb’s headquarters in Seoul as part of an ongoing tax investigation.

Meanwhile, Bithumb’s largest shareholder, Park Mo, was found dead outside his house in late December.

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