Bithumb, South Korea’s largest cryptocurrency exchange, is not getting out of trouble.
One of the latest developments was the issuance of an arrest warrant for Kang Jong-Hyeon, the owner of the cryptocurrency exchange.
Arrest Order Issued for Bithumb Owner Kang Jong-Hyeon
Cryptocurrency exchange Bithumb is not getting out of trouble. An arrest warrant has been issued by South Korean authorities for the owner of Bithumb, South Korea’s largest cryptocurrency exchange. The owner of the exchange, Kang Jong-Hyeon, faces charges for manipulating the stock prices of several Bithumb-affiliated companies.
According to some South Korean media reports, Kang Bithumb was accused of embezzlement and breach of trust by the Financial Investigation Division of the Seoul Southern District Procuratorate along with other executives in his subsidiaries. These accusations fall within the scope of the Law on Heavy Penalties for Certain Economic Crimes and Unlawful fraudulent transactions within the scope of the Capital Markets Law.
Two of the affiliated companies involved in the lawsuit were named Inbiogen and Bucket Studio. The CEO of both companies is none other than Kang Ji-Yeon, who is Kang Jong-Hyeon’s younger brother. Additionally, Inbiogen and Bucket Studio are also suspected of being involved in the process by which stock prices are manipulated through the issuance of convertible bonds.