Prosecutors in South Korea requested Bithumb’s owner for an arrest warrant

Key Points:Kang, and two Bithumb executives were found guilty under the Act on Aggravated Punishment Of Specific Economic Crimes by The Financial Investigation 2nd Division at the Seoul Southern District Prosecutor’s Office on charges of embezzlement.
South Korean prosecutors requested an arrest warrant on Kang Jong-Hyun (chairman and owner of the bitcoin exchange Bithumb) on January 25.
South Korean prosecutors requested an arrest warrant for Kang Jong Hyun, the chairman and owner of the Bitcoin exchange Bithumb. The request was made on January 25. Investigators are investigating allegations of misappropriation by Bithumb leaders at one the country’s most prestigious cryptocurrency exchanges. According to Infomax, South Korean authorities requested an arrest warrant for Kang Jong-Hyun (the chairman and owner) of the bitcoin exchange. According to Infomax, Kang Jong-Hyun is being sought on suspicion of embezzlement related to his operations at the bitcoin exchange. The Capital Markets Act also charges the executives with engaging in fraudulent or unlawful operations. Bithumb was previously placed under a “special taxes inquiry” by the National Tax Service of the country on January 10. Kang is also being investigated for manipulating stock prices of exchange affiliates Inbiogen, Bucket Studio and the issuing convertible bonds. Vidente, now the largest stakeholder of the firm, holds 34.2%. Park Mo, Bithumb’s top shareholder, was found dead in his own home on December 30, 2022 after inquiries into his involvement in embezzling cash from Bithumb related enterprises. Mo is believed to have committed suicide due to the nature of the criminal accusations against him. The exchange has a $467 million transaction volume per 24 hours. It is also one of the largest in South Korea. On January 3, former Chairman of Bithumb Lee Jung-Hoon was cleared of fraud charges totalling $100 million. On January 3, former Chairman of Bithumb Lee Jung-Hoon was acquitted of $100 million fraud charges. This platform was “nearly” to FTX – the exchange has declared bankruptcy and is experiencing several challenges.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: # CryptocurrenciesbithumbBithumb Coincryptomarket