Bithumb’s former Chairman Kang Jong-hyun was arrested earlier today by South Korean law enforcement on charges related to market manipulation and embezzlement, among other things. The arrest came a week after prosecutors asked the Seoul Southern District Court to issue a warrant for the same.
According to a report by a local media outlet, Kang Jong-hyun is believed to be the actual owner of South Korea’s second-largest crypto exchange Bithumb. He is reportedly accused of conspiring with a business partner to manipulate stock prices and steal 60 billion won (nearly $50 million) from his company.
The prosecutors believe that Kang Jong-Hyun colluded with his associates to embezzle corporate funds and engage in market manipulation. The former Bithumb executive’s younger sibling Kang Ji-yeon is the chief of Inbiogen, a firm that holds a majority stake in Vident. With a 34.22% stake in Bithumb, Vident happ …
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Source: Cryptocurrency - investing.com
