trade now
CryptocurrencyCryptocurrency SecuritiesNewsPress ReleaseWeb3

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.

📰  Christie's Auctions Fidenza NFT For $440k As NFT Sales Pick Up

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.

📰  Conflux (CFX) Surges to New 7-day High Amid Robust Buying Attitude produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

📰  Dubai Introduces Ambitious Crypto Licensing Framework Amid Industry Regulatory Uncertainty

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Skip to content