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Korea concerns arrest warrant for Bithumb proprietor

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Kang Jong-Hyun and his sister are beneath investigation for embezzlement and tax evasion associated to the Bithumb cryptocurrency exchange.

South Korea issued search warrant for proprietor of Bithumb exchange – Photo: U.Today

On January 25, the Korean prosecutor’s workplace officially issued an arrest warrant for Bithumb proprietor Kang Jong-Hyun and two other CEOs which includes his sister Kang Ji-Yeon. The arrest warrant was issued on costs of embezzlement, fraud and unlawful trade, in accordance to a nearby information company.

Earlier this month, the National Tax Service of Korea (NTS) also tapped the back of Bithumb and its affiliates, in buy to to clarify tax evasion.

Today’s investigation by the Seoul Southern District Prosecutor’s Office is wholly separate from NTS’s suspicion. According to the indictment, Kang and his accomplices stole funds from the enterprise and conspired to manipulate the stock rate.

But the Kang brothers are not the very first Bithumb leaders to be embroiled in a legal circle in the Republic of Korea. On January three, former Bithumb chairman Lee Jung-Hoon was acquitted of defrauding $a hundred million. Furthermore, a vice president of Vidente Group and the greatest shareholder of Bithumb, took his personal daily life throughout the investigation.

Bithumb is at the moment a single of the five greatest and “left” cryptocurrency exchanges soon after the country’s 2021 market crackdown. This platform was “almost” for FTX – the exchange filed for bankruptcy and is dealing with quite a few troubles.

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