Bithumb Owner Arrested in South Korea for Allegedly Stealing ~50M
Over the past few days, South Korea n prosecutors have been seeking the arrest of Kang Jong-hyun, the de-facto owner of Bithumb . Kang and two other executives were charged with embezzlement, breach of trust, and fraudulent illegal transactions under the Capital Markets Act, i.e. stock manipulation in this case. On Thursday, local news outlet JTBC revealed that prosecutors have arrested Kang. The report noted, “ Kang is accused of conspiring with a business partner to manipulate stock prices and stealing 60 billion won [$48.6 million] from his company. “ Kang Jong-hyun is the elder brother of Kang Ji-yeon, the head of Bithumb affiliate Inbiogen. The said firm holds the largest share [34.2%] in Vidente Co., the biggest shareholder of Bithumb . The siblings reportedly conspired to pocket corporate funds and influence the stock prices of Inbiogen and video production firm Bucket Studio by issuing convertible bonds. Also Read: Decentralized Twitter ‘Killer’ Nost...