South Korean prosecutors are looking for the arrest of Kang Jong-Hyun, the chairman and proprietor of cryptocurrency change Bithumb, a Korean news outlet reported on Wednesday.
Kang and two different executives – together with his youthful sister, Kang Ji-Yeon, the CEO of two publicly traded Bithumb associates, Inbiogen and Bucket Studio – have been charged by the Seoul Southern District Prosecutor’s Office with embezzlement, breach of belief and fraudulent unlawful transactions, in line with native experiences.
Earlier this month, it was reported that South Korea’s National Tax Service had opened an investigation into potential tax evasion at Bithumb and its associates.
The investigation into Kang and the opposite executives’ conduct is separate from the tax evasion investigation, and facilities round allegations that Kang and the others stole firm cash and conspired to govern inventory costs.
Kang and his sister will not be the primary Bithumb executives to seek out themselves in scorching water for alleged wrongdoing related to one in every of Korea’s 5 remaining exchanges. On Jan. 3, former Bithumb Chairman Lee Jung-Hoon was acquitted on costs that he dedicated a $100 million fraud related to the change.
In December, Bithumb’s largest shareholder, Park Mo, was reportedly found dead outside his home in South Korea after being named as a suspect in prosecutors’ investigation into the alleged embezzlement and inventory manipulation. Local media reported that he took his personal life.
Bithumb is one in every of 5 remaining Korean crypto exchanges following a crackdown on the business in 2021 when approximately 70 domestic exchanges closed after failing to satisfy regulatory necessities.
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