The real owner of Bithumb threatens an arrest warrant for embezzlement

The real owner of Bithumb threatens an arrest warrant for embezzlement

Several executives of the South Korean cryptocurrency exchange Bithumb, according to the South Korean financial company Infomax, are now charged for embezzlement and market manipulation.

Under these charges, an arrest warrant against Kang Jong-Hyeon was issued, which is assumed that he is the "actual owner of Bithumb".

Bithumb executives under fire

On Wednesday Members of the Legal Community confirmed Dass Kang and two of Bithumbs executives by the southern district of Seoul for embezzlement and unfaithful became. They were also charged with fraudulent illegal transactions according to the Capital Market Act.

Kang's younger sister, Kang Ji-Yeon, heads Bithumb subsidiaries, including inbiogen and Bucket Studio-a shoe company or a sales company. The former is said to have artificially driven up the share price of both companies by issuing convertible bonds.

"The prosecutors confiscated the circumstances under which Mr. Kang manipulated steel or share prices, and took confiscated and passed the subsidiaries of Bithumb as Vident, Inbiogen and Bucket Studio in October," explained Infomax.

The shares of both companies were connected: Vidente is the greatest single shareholder of Bithumb, inbiogen is the largest shareholder of Vidente and Bucket Studio is the largest shareholder of Inbiogen.

Bithumbs many problems

against Bithumb was determined for months by the public prosecutor's office for an alleged $ 70 million fraud by the former chairman Lee Jung-Hoon. After his calculated in October Jung-Hoon was found not guilty earlier this month.

Two weeks ago, the public prosecutor initiated a renewed investigation into Bithumb as to whether Kang had violated domestic tax laws-including an insight into the activities of his sibling.

Vice President Park Mos Leiche was found died in Seoul at the end of the last month that could have been suicide. It was rumored that Park supervised the accounting of the Kang siblings as Vice President of Vidente during his time. At that time, the suspicion circulated that the siblings Kang had appealed Park embezzlement and market manipulation.

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