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Wednesday, February 1, 2023
HomeCryptocurrencyProprietor of Bithumb Slapped with Arrest Warrant Request

Proprietor of Bithumb Slapped with Arrest Warrant Request

In accordance with a report by Yonhap Infomax, the Seoul Southern District Prosecutors Workplace has requested an arrest warrant for Kang Jong-Hyeon, the “secret chairman” of South Korean crypto big Bithumb.

Kang and two different executives have been not too long ago slapped with a number of costs that embody embezzlement.

The disgraced govt allegedly used convertible bonds with the intention to artificially prop up the shares of the trade’s affiliate corporations.

In October, South Korean prosecutors requested for an eight-year jail sentence for Lee Jung-hoon, the de facto proprietor of the main South Korean trade. South Korean prosecutors indicted the previous chairman of Bithumb Holdings in July 2021 after allegedly committing large-scale fraud.

He negotiated an acquisition cope with beauty surgical procedure firm BK Group and accepted an upfront $70 million “contract price” to listing a so-called Bithumb Coin (BXA) token, with proceeds from its sale going towards the acquisition. Nonetheless, such a list by no means occurred.

In January, nonetheless, the previous Bithumb chairman was acquitted of fraud costs.

Lee’s acquittal got here shortly after Park Mo, vice chairman of main Bithumb shareholder Vidente, tragically handed away whereas being investigated for embezzlement and inventory manipulation. As reported by U.Right this moment, Park dedicated suicide by leaping out of a window.

BitcoinMasterNews

See also  Bloomberg Analyst Explains Key Distinction Between Present Crypto Disaster and Mortgage Meltdown of 2008

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