According to local news outlet Infomax, South Korean prosecutorsrequestedArrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb on allegations of embezzlement related to his activities in the exchange
that same day 2nd Financial Investigation Division of the Southern District Prosecutor’s Office of Seoul It has jailed Kang and two Bithumb executives for embezzlement and breach of trust under the Specific Economic Crimes Tender Punishment Act. The executive has also been charged with illegal transactions under the Capital Markets Act.
Back on Jan. 10, Bithumb was under a “tax investigation” by the country’s National Tax Service. Concurrently with this incident, Kang is being investigated for his role in manipulating the stock price of Bithumb subsidiary Inbiogen. and Bucket Studio through the issuance of convertible bonds, Vidente is currently Bithumb’s largest shareholder with a 34.2% stake.
On December 30, 2022, Bithumb’s largest shareholder, Park Mo, was found dead in front of his house. Following an investigation into the embezzlement of Bithumb-related companies, it is suspected that Park Mo may have committed suicide due to criminal allegations against him.
refer : LINK
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