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Alleged Bithumb Owner Arrested for Embezzling $50 Million

Published 2023-02-02, 07:31 a/m
© Reuters. Alleged Bithumb Owner Arrested for Embezzling $50 Million

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  • South Korean authorities have arrested Kang Jong-Hyun, the former chairman and suspected owner of Bithumb.

  • Prosecutors were seeking Jong-hyun’s arrest for multiple charges related to embezzlement, market manipulation, etc.

  • The crypto exchange has been under scrutiny from several South Korean agencies including the National Tax Service.

Bithumb’s former Chairman Kang Jong-hyun was arrested earlier today by South Korean law enforcement on charges related to market manipulation and embezzlement, among other things. The arrest came a week after prosecutors asked the Seoul Southern District Court to issue a warrant for the same.

According to a report by a local media outlet, Kang Jong-hyun is believed to be the actual owner of South Korea’s second-largest crypto exchange Bithumb. He is reportedly accused of conspiring with a business partner to manipulate stock prices and steal 60 billion won (nearly $50 million) from his company.

The prosecutors believe that Kang Jong-Hyun colluded with his associates to embezzle corporate funds and engage in market manipulation. The former Bithumb executive’s younger sibling Kang Ji-yeon is the chief of Inbiogen, a firm that holds a majority stake in Vident. With a 34.22% stake in Bithumb, Vident happ ...

The post Alleged Bithumb Owner Arrested for Embezzling $50 Million appeared first on Coin Edition.

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