Seoul Prosecutor’s Office issues arrest warrant for Bithumb crypto exchange owner
Kang Jong-hyeon was accused of manipulating the stock prices of several companies affiliated with the platform
25.01.2023 - 14:40
239
1 min
0
What’s new? On January 25, the Financial Investigation Division of the Seoul Southern District Prosecutor’s Office issued an arrest warrant for the actual owner of South Korea’s second-largest crypto exchange, Bithumb, Kang Jong-hyeon. He was charged with embezzlement and misappropriation of funds, as well as fraud under the Capital Markets Act. The local news agency Yonhap reports about this.
What else does the publication report? Hyun is the older brother of Kang Ji-yeon, the CEO of Inbiogen and Bucket Studio, subsidiaries of Bithumb. He is accused of manipulating the share prices of Inbiogen and Bucket Studio by issuing convertible bonds.
What is known about Bithumb? The platform was founded in 2013 and hosts 190 coins and 290 trading pairs. The daily trading volume as of January 25 is $418,77 million, according to aggregator CoinGecko.
In October 2022, Bithumb ex-chairman Lee Jung-hoon was accused of $70 million in fraud. He allegedly received these funds fraudulently from BK Group chairman, Kim Byung Gun, in October 2018 during negotiations to buy the exchange.
Useful material?
Market
Funds can be seized by law enforcers due to links to illegal activity
Apr 26, 2024
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024