Bithumb proprietor slapped with arrest warrant request

As reported by Yonhap Infomax, the Seoul Southern District Prosecutor’s Office has requested an arrest warrant for Kang Jong-Hyeon, the “secret chairman” of South Korean crypto giant Bithumb.

Kang and two other executives had been not long ago fined on a wide range of fees which includes embezzlement.

The disgraced executive allegedly utilized convertible bonds to artificially prop up shares of the exchange’s affiliated businesses.

In October, South Korean prosecutors requested an eight-yr prison sentence for Lee Jung-hoon, the de facto proprietor of Korea’s best exchange. South Korean prosecutors indicted the former chairman of Bithumb Holdings in July 2021 immediately after getting accused of committing substantial-scale fraud.

He negotiated an acquisition agreement with plastic surgical procedure firm BK Group and accepted to pay out upfront $70 million in “contract fees” to listing the so-termed Bithumb Coin (BXA) token, with The proceeds from its sale will be utilized for redemption. However, this kind of a listing by no means occurred.

However, in January, the former Bithumb chairman was acquitted of fraud fees.

Lee’s acquittal came shortly immediately after Park Mo, vice president of Vidente, a big shareholder of Bithumb, tragically passed away though getting investigated for embezzlement and stock manipulation. As reported by U.Today, Park committed suicide by jumping out of a window.