For alleged embezzlement of the company’s assets and stock manipulation, the suspected real owner of the Bithumb exchange has been arrested by South Korean prosecutors on February 2.
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South Korean Prosecutors Arrest Head of Bithumb Crypto Exchange
On January 25, South Korean prosecutors issued an arrest warrant for one Kang Jong-hyun who is suspected to be the real owner of the Bithumb cryptocurrency exchange over multiple charges, including dereliction of duty, market manipulation, and fraudulent transactions.
However, Jtbc, a local news outlet reported on February 2 that Kang Jong-hyun has been arrested over the above-mentioned allegations.
The arrested 41-year-old Kang Jong-hyun is a younger brother to the head of the Bithumb affiliate inbiogen Kang Ji-yeon, a firm with the largest shares Vidente Vidente, a single largest shareholder of Bithumb exchange.
“The allegations surrounding my brother Kang Jong-hyun are unconfirmed and one-sided … I can confidently say that there are no problems related to embezzlement or breach of trust within the company,” Kang Ji-Yeon said in a letter while apologizing to the company’s shareholders in Bucket Studio’s official website.
Meanwhile, the South Korean prosecutors in a statement said the brothers conspired to find a way to embezzle funds and manipulate stock prices of Inbiogen and video production firm Bucket Studio through the issuance of convertible bonds.
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