{"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":"
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