South Korean prosecutors request arrest warrant for Bithumb owner: Report

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One of the country’s largest crypto exchanges has fallen nether investigators’ scrutiny implicit allegations of embezzlement by institution executives.

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According to section quality outlet Infomax, South Korean prosecutors requested an apprehension warrant connected Jan. 25 for Kang Jong-Hyun, president and proprietor of cryptocurrency speech Bithumb. Kang is wanted connected allegations of embezzlement related to his activities astatine the exchange.

The aforesaid day, the Financial Investigation 2nd Division of the Seoul Southern District Prosecutor’s Office sentenced Kang and 2 Bithumb executives connected charges of embezzlement and breach of spot nether the Act connected the Aggravated Punishment of Specific Economic Crimes. The executives were besides charged with conducting fraudulent amerciable transactions nether the Capital Markets Act. 

One of the fewer nationalist photos of Kang Jong-Hyun. Source: Korea Post English

Cointelegraph antecedently reported connected Jan. 10 that Bithumb was placed nether a “special taxation investigation” by the country’s National Tax Service. Simultaneous to the incident, Kang is nether probe implicit his relation successful allegedly manipulating the banal prices of Bithumb affiliates Inbiogen and Bucket Studio done the issuance of convertible bonds. Vidente is presently the largest shareholder of Bithumb, with a 34.2% stake. 

On Dec. 30, 2022, Bithumb’s largest shareholder, Park Mo, was found dormant successful beforehand of his ain home pursuing investigations into his alleged relation successful embezzling funds from Bithumb-related companies. It is suspected that Mo whitethorn person taken his ain beingness owed to the quality of the transgression allegations brought against him.

Subsequent to the development, Lee Jung-Hoon, erstwhile president of Bithumb, was found not guilty of a $70 cardinal fraud complaint regarding his activities astatine Bithumb. The speech is 1 of South Korea's largest, with a 24-hour commercialized measurement of $467 million. 

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