- With a 34.2% holding, Vidente Vidente is Bithumb’s largest stakeholder.
- Kang Jong-hyun is the older brother of Kang Ji-yeon, the CEO of a Bithumb subsidiary.
Embezzlement accusations have resulted within the arrest of the presumed true proprietor of Bithumb, South Korea’s largest cryptocurrency trade.
Media retailers in his personal nation declare that Kang Jong-hyun was taken into custody on suspicion of embezzlement on February 2. Furthermore, on January twenty fifth, the Seoul Southern District Courtroom issued an arrest warrant for the businessman on many allegations, together with dereliction of obligation, market manipulation, and fraudulent transactions.
Moreover, he’s the older brother of Kang Ji-yeon, the CEO of Bithumb subsidiary Inbiogen, and is now on the age of 41. With a 34.2% holding, Vidente is Bithumb’s largest stakeholder, and the corporate owns the vast majority of its inventory.
A number of Allegations by Prosecutors
Prosecutors say the brothers plotted to make use of the sale of convertible bonds to illegally syphon cash and manipulate inventory costs of Inbiogen and video manufacturing firm Bucket Studio. Furthermore, the CEO of Bucket Studio, Kang Ji-yeon, has issued an apology to shareholders on the corporate’s web site. And mentioned that he would help authorities of their investigation of the allegations made in opposition to his brother.
Furthermore, a probe of the most important cryptocurrency trade in South Korea was reportedly initiated on January tenth. As a part of the persevering with tax investigation, Bithumb’s Seoul places of work have been allegedly searched by investigators.
Resulting from prices of theft and market manipulation, he was additionally the main focus of a probe. It was believed that the accusations in opposition to Park Mo led to his suicide. Moreover, {the marketplace} first opened in 2014, and it now helps 191 totally different currencies and 287 totally different commerce pairings.
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