{"id":19186,"date":"2023-02-01T21:02:53","date_gmt":"2023-02-02T05:02:53","guid":{"rendered":"https:\/\/coinnetworknews.com\/bithumb-owner-arrested-in-south-korea-over-alleged-embezzlement\/"},"modified":"2023-02-01T21:02:53","modified_gmt":"2023-02-02T05:02:53","slug":"bithumb-owner-arrested-in-south-korea-over-alleged-embezzlement","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/bithumb-owner-arrested-in-south-korea-over-alleged-embezzlement\/","title":{"rendered":"Bithumb owner arrested in South Korea over alleged embezzlement"},"content":{"rendered":"
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The suspected real owner of South Korea\u2019s largest crypto exchange Bithumb has been arrested on alleged embezzlement charges on Feb. 2 local time.<\/p>\n

According to local media reports<\/a>, Kang Jong-hyun was arrested on charges of alleged embezzlement. The Seoul Southern District Court issued an arrest warrant<\/a> for the businessman on Jan. 25 with multiple charges, including dereliction of duty, market manipulation, and fraudulent transactions.<\/p>\n

The 41-year-old is the elder brother of Kang Ji-yeon, the head of Bithumb affiliate Inbiogen. The firm holds the largest share in Vidente Vidente, which is the biggest shareholder of Bithumb with a 34.2% stake.<\/p>\n

According to prosecutors, the brothers colluded to embezzle corporate funds and manipulate stock prices of Inbiogen and video production firm Bucket Studio through the issuance of convertible bonds.<\/p>\n

In a notice on the Bucket Studio website, CEO Kang Ji-yeon apologized to shareholders and said the claims against his brother were \u201cunconfirmed,\u201d adding that he will cooperate with the authorities in the investigation. <\/p>\n

One of the few public photos of Kang Jong-Hyun. Source: Korea Post English<\/em><\/figcaption><\/figure>\n

On Jan. 10, Cointelegraph reported<\/a> that the South Korean National Tax Service agency launched an investigation into South Korea\u2019s largest crypto exchange. Investigators reportedly raided Bithumb\u2019s Seoul headquarters as a part of the ongoing tax probe.<\/p>\n

The saga goes even deeper as Bithumb\u2019s largest shareholder, Park Mo, was found dead<\/a> in front of his own home in late December. <\/p>\n

He was also subject to an investigation amid allegations of embezzlement and market manipulation. It was suspected that Park Mo took his own life due to the charges brought against him.<\/p>\n

Related:<\/em><\/strong> <\/em><\/strong>Bithumb former chair Lee Jung-Hoon acquitted in the first instance<\/em><\/strong><\/a><\/p>\n

Bithumb has a 24 hours trading volume of $370 million, according to CoinGecko<\/a>. The exchange, established in 2014, offers 191 coins and 287 trading pairs, BTC\/KRW is the most popular.<\/p>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The suspected real owner of South Korea\u2019s largest crypto exchange Bithumb has been arrested on alleged embezzlement charges on Feb. 2 local time. According to local media reports, Kang Jong-hyun was arrested on charges of alleged embezzlement. The Seoul Southern District Court issued an arrest warrant for the businessman on Jan. 25 with multiple charges, […]<\/p>\n","protected":false},"author":1,"featured_media":19187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[862,1593,473,1594,1001,1592,462],"_links":{"self":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/19186"}],"collection":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/comments?post=19186"}],"version-history":[{"count":0,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/19186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media\/19187"}],"wp:attachment":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media?parent=19186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/categories?post=19186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/tags?post=19186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}