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Bithumb owner arrested in South Korea over alleged embezzlement

  • News
  • February 2, 2023
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The net is surrounding Bithumb leaders as the associated genuine proprietor with the trade is captured.

The associated genuine proprietor with South Korea’s biggest crypto trade Bithumb has been captured on supposed misappropriation charges on Feb. 2 neighborhood time.

As per nearby media reports, Kang Jong-hyun was captured on charges of supposed misappropriation. The Seoul Southern Locale Court gave a capture warrant for the finance manager on Jan. 25 with different charges, including desolation of obligation, market control, and fake exchanges.

The 41-year-old is the senior sibling of Kang Ji-yeon, the head of Bithumb member Inbiogen. The firm holds the biggest offer in Vidente, which is the greatest investor of Bithumb with a 34.2% stake.

As per investigators, the siblings connived to steal corporate assets and control stock costs of Inbiogen and video creation firm Container Studio through the issuance of convertible securities.

In a notification on the Pail Studio site, Chief Kang Ji-yeon apologized to investors and said the cases against his sibling were “unsubstantiated,” adding that he will help out the experts in the examination.

On Jan. 10, Cointelegraph detailed that the South Korean Public Assessment Administration office sent off an examination concerning South Korea’s biggest crypto trade. Specialists purportedly struck Bithumb’s Seoul central command as a piece of the continuous duty test.

The adventure goes significantly more profound as Bithumb’s biggest investor, Park Mo, was tracked down dead before his own home in late December.

He was additionally dependent upon an examination in the midst of claims of misappropriation and market control. It was thought that Park Mo ended his own life because of the charges brought against him.

Bithumb has a 24 hours exchanging volume of $370 million, as per CoinGecko. The trade, laid out in 2014, offers 191 coins and 287 exchanging matches, BTC/KRW is the most well known.

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