South Korea Orders Arrest of Bithumb Chairman and Two Other Execs

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According to a local media report, the prosecution looking into the allegations of theft against the leadership of the Korean Bithumb crypto exchange has requested an arrest warrant for the accused.

The report revealed that the Seoul Southern District Prosecutor’s Office, Financial Investigation Division, sentenced Kang Jong-Hyeon, the chairman of Bithumb, and two executives on charges of embezzlement of funds and illegal transactions. The prosecutor also charged the Execs with breach of trust under the Capital Markets Act on the Aggravated Punishment of Specific Economic Crimes.

Furthermore, the local media noted Jong-Hyeon was facing an accusation of being a significant player in the issue of convertible bonds used to manipulate the stock prices of Bithumb affiliates.

In October 2018, prosecutors examined Bithumb affiliates Vident, Inbiogen, and Bucket Studio for evidence of Jong-Hyeon theft or stock manipulation. Notably, Vidente is the single largest shareholder, with a 34.2% stake in Bithumb Holdings.

Earlier this month, South Korean tax authorities looked into the business operations of the par …

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