Bithumb Boss Jailed for Embezzlement and Related Crimes
Kang Jong-Hyun: the founder and Bithumb chairman has been sent to jail for crimes ranging from taking advantage of the market to embezzlement, fraud, and mismanagement. Bithumb is the biggest cryptocurrency exchange in S. Korea and has existed since 2014, with over 8 million global users. Jong-Hyon was arrested on Thursday after a court in Seoul ordered his arrest on the 25th of January.
A report from the company’s headquarters says that Kang Jong-Hyun, 41, and the brother Kang Ji-Yeon, who is heading Inbiogen: an affiliate of Bithumb and one of the top shareholders in Vidente Vidente, which also owns a 34.2% share in Bithumb. The lawyer prosecuting the case also accused the brothers of deliberately conspiring and defalcating the company finances and tampering Inbiogen’s stock price.
NTS Invades Headquarters, Company Exec Addresses Accusations
Inbiogen is not the only victim, Bucket Studio which is A video production company also fall prey to their deception while targeting their convertible bonds. However, Kang Jong-Hyon has offered an apology to the company’s shareholders through a video but still insist that the accusations against the brother are unfounded. In the video released by the S. Korean local media house, he said that he would align with the security agencies for a proper investigation.
Recall that on the 10th of January, officials of the NTS invaded the Bithumb headquarters in Seoul to verify if the company complied with the country’s tax regulations, as it affects the crypto regulation.
Experts analyzing the situation said that the event surrounding Bithumb story is bigger than most people think. It has been shrouded with so many secrets, one of them being the death of the company’s top shareholder, Park Mo, who was found lying lifeless very close to his house. The incident happened in December, and ever since, there have been other unexplained events surrounding the operations of Bithumb.
Investigations by the authorities into the event had that the late Park Mo, before his death, also went through an investigation by the authorities for the same allegation as the embattled Jong-Hyon. Meanwhile, reports from security claim that it was a case of suicide, even when close associates believes there is more to the story.
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