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The nett is closing successful connected Bithumb executives arsenic the suspected existent proprietor of the speech is arrested.
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The suspected existent proprietor of South Korea’s largest crypto speech Bithumb has been arrested connected alleged embezzlement charges connected Feb. 2 section time.
According to section media reports, Kang Jong-hyun was arrested connected charges of alleged embezzlement. The Seoul Southern District Court issued an apprehension warrant for the businessman connected Jan. 25 with aggregate charges, including dereliction of duty, marketplace manipulation, and fraudulent transactions.
The 41-year-old is the elder member of Kang Ji-yeon, the caput of Bithumb affiliate Inbiogen. The steadfast holds the largest stock successful Vidente Vidente, which is the biggest shareholder of Bithumb with a 34.2% stake.
According to prosecutors, the brothers colluded to embezzle firm funds and manipulate banal prices of Inbiogen and video accumulation steadfast Bucket Studio done the issuance of convertible bonds.
In a announcement connected the Bucket Studio website, CEO Kang Ji-yeon apologized to shareholders and said the claims against his member were “unconfirmed,” adding that helium volition cooperate with the authorities successful the investigation.
One of the fewer nationalist photos of Kang Jong-Hyun. Source: Korea Post EnglishOn Jan. 10, Cointelegraph reported that the South Korean National Tax Service bureau launched an probe into South Korea’s largest crypto exchange. Investigators reportedly raided Bithumb’s Seoul office arsenic a portion of the ongoing taxation probe.
The saga goes adjacent deeper arsenic Bithumb’s largest shareholder, Park Mo, was recovered dead successful beforehand of his ain location successful precocious December.
He was besides taxable to an probe amid allegations of embezzlement and marketplace manipulation. It was suspected that Park Mo took his ain beingness owed to the charges brought against him.
Related: Bithumb erstwhile seat Lee Jung-Hoon acquitted successful the archetypal instance
Bithumb has a 24 hours trading measurement of $370 million, according to CoinGecko. The exchange, established successful 2014, offers 191 coins and 287 trading pairs, BTC/KRW is the astir popular.
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