1 year ago
Kang Jong-hyun, the proprietor of the Bithumb exchange, has been arrested for allegedly embezzling astir $50 million, according to section quality JTBC.
Executives of the South Korean-based crypto speech person been successful facing fraud charges successful caller times. For example, erstwhile Chairman Lee Jung-hoon was accused of misappropriating astir $70 cardinal from his woody with BK Group president Kim Byung-Gun.
Following investigations into the allegations against Jung-hoon, it was uncovered that the little-known Kang Jong-hyun is the speech owner.
Korean quality outlet JTBC reported connected Feb. 2 that the Seoul Southern District Court has issued an apprehension warrant against Kang Jong-hyun.
Jong-hyun was arrested alongside 2 Bithumb executives for fraud, banal manipulation, and embezzlement of firm funds worthy 60 cardinal won – astir $50 million.
Further investigations revealed that Jong-hyun is the elder member of Kang Ji-yeon, the caput of Inbiogen, an affiliate with astir 34.2% involvement successful Bithumb.
The duo allegedly conspired to manipulate the banal prices of Inbiogen and embezzled firm funds to the tune of ₩60 billion.
Jong-hyun denied the embezzlement allegations, stating that helium has nary narration to the institution arsenic helium nary longer has a involvement successful them.
Kang Ji-yeon added that the claims against his member were “unconfirmed.” However, helium would cooperate with the authorities successful the investigation.
Meanwhile, South Korea’s National Tax Service (NTS) said it was probing the taxation affairs of Jong-hyun and Kang Ji-yeon to uncover imaginable taxation evasion and wealth laundering.
The station South Korean authorization arrests Bithumb proprietor connected $50M embezzlement charges appeared archetypal connected CryptoSlate.
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