Bithumb owner arrested over embezzlement charges in SouthKorea
an arrest warrant for the businessman last week, charging him with dereliction of duty, market manipulation, and fraudulent transactions.Kang was accused of stealing 60 billion won from his company and conspiring with a business partner to manipulate stock prices. He is the brother of Kang Ji-yeon, the head of Bithumb affiliate Inbiogen. The company owns most of Vidente, which is the largest shareholder in Bithumb, with a 34.2% stake.
Prosecutors claimed that the brothers conspired to steal corporate funds and manipulate stock prices at Inbiogen and video production firm Bucket Studio by issuing convertible bonds. Kang Ji-yeon, CEO of Bucket Studio, apologized to shareholders. However, he acknowledged that the claims against his brother were “unconfirmed.” Finally, he promised to cooperate with the authorities.
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