The alleged real owner of South Korean crypto exchange, Bithumb, has been jailed over embezzlement problems, as reported by Cointelegraph.
According to Cointelegraph, on February 2, 2023, Kang Jong-Hyun was arrested. It is believed that the Seoul Southern District Court drew an arrest warrant on January 25, 2023, over charges such as dereliction of duty, market manipulation and fraudulent transactions.
On the basis of information by Cointelegraph, Jong-Hyun and his brother Kang Ji-yeon, head, Bithumb affiliate Inbiogen, conspired over corporate funds and manipulated stock prices of Inbiogen and video production company Bucket Studio, using convertible bonds. Insights from a notice on the Bucket Studio website mentioned that Ji-yeon apologised to shareholders. Furthermore, Ji-yeon expressed his intention to cooperate with authorities related to the investigation. Reportedly, investigators launched a raid at Bithumb’s Seoul headquarters with regard to the current tax probe.
Moreover, Cointelegraph noted that as per CoinGecko, Bithumb has a 24-hour trading volume worth $370 million. Founded in 2014, the exchange permits trading of 191 coins and 287 trading pairs, with BTC/KRW believed to be at the top in terms of popularity.
(With insights from Cointelegraph)