Based on native information outlet infomax.co.kr, South Korean prosecutors have requested an arrest warrant on Jan.25 for Kang Jong-Hyun, chairman and precise proprietor of cryptocurrency change Bithumb. Jong-Hyun is needed on allegations of embezzlement associated to his actions on the change.
The identical day, the Seoul Southern District Prosecutor’s Workplace Monetary Investigation 2nd Division sentenced Kang and two Bithumb executives on expenses of embezzlement and breach of belief below the Act on the Aggravated Punishment of Particular Financial Crimes. The executives had been additionally charged with conducting fraudulent unlawful transactions below the Capital Markets Act.
Cointelegraph beforehand reported on Jan. 10 that Bithumb was positioned below a “particular tax investigation” by the nation’s Nationwide Tax Service. Simultaneous to the incident, Jong-Hyun is below investigation over his function in allegedly manipulating the inventory costs of Bithumb associates Inbiogen and Bucket Studio by way of the issuance of convertible bonds. Vidente is at present the most important shareholder of Bithumb, with a 34.2% stake.
On Dec. 30, 2022, Bithumb’s largest shareholder, Park Mo, was discovered useless in entrance of his own residence following investigations into his alleged function in embezzling funds from Bithumb-related corporations. It’s suspected that Mr. Mo could have taken his personal life as a result of nature of the felony allegations that had been introduced towards him.
Subsequent to the event, Lee Jung-Hoon, former chairman of Bithumb, was discovered not responsible of a $70 million fraud cost relating to his actions at Bithumb. The change is considered one of South Korea’s largest, with a 24-hour commerce quantity of $467 million.
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