Bithumb Boss Jailed for Embezzlement and Related Crimes
Kang Jong-Hyun: the founder and Bithumb chairman has been sent to jail for crimes ranging from taking advantage of the market to embezzlement, fraud, and mismanagement. Bithumb is the biggest cryptocurrency exchange in S. Korea and has existed since 2014, with over 8 million global users. Jong-Hyon was arrested on Thursday after a court in
Brenda Collins2 min read
Kang Jong-Hyun: the founder and Bithumb chairman has been sent to jail for crimes ranging from taking advantage of the market to embezzlement, fraud, and mismanagement. Bithumb is the biggest cryptocurrency exchange in S. Korea and has existed since 2014, with over 8 million global users. Jong-Hyon was arrested on Thursday after a court in Seoul ordered his arrest on the 25th of January.
A report from the company’s headquarters says that Kang Jong-Hyun, 41, and the brother Kang Ji-Yeon, who is heading Inbiogen: an affiliate of Bithumb and one of the top shareholders in Vidente Vidente, which also owns a 34.2% share in Bithumb. The lawyer prosecuting the case also accused the brothers of deliberately conspiring and defalcating the company finances and tampering Inbiogen’s stock price.
Inbiogen is not the only victim, Bucket Studio which is A video production company also fall prey to their deception while targeting their convertible bonds. However, Kang Jong-Hyon has offered an apology to the company’s shareholders through a video but still insist that the accusations against the brother are unfounded. In the video released by the S. Korean local media house, he said that he would align with the security agencies for a proper investigation.
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