Bithumb's de facto owner arrested over alleged embezzlement

Home > Business > Industry

print dictionary print

Bithumb's de facto owner arrested over alleged embezzlement

 
Kang Jong-hyun, a businessman known to be the de facto owner of the operator of Korea's largest cryptocurrency exchange Bithumb, enters the Seoul Southern District Court on Wednesday. [YONHAP]

Kang Jong-hyun, a businessman known to be the de facto owner of the operator of Korea's largest cryptocurrency exchange Bithumb, enters the Seoul Southern District Court on Wednesday. [YONHAP]

 
A businessman known to be the de facto owner of the operator of Korea's largest cryptocurrency exchange Bithumb was arrested Thursday over alleged embezzlement.
 
The Seoul Southern District Court issued an arrest warrant for Kang Jong-hyun. He is facing multiple charges, including embezzlement, dereliction of duty and fraudulent transactions.
 
The 41-year-old businessman is the elder brother of Kang Ji-yeon, the head of the kiosk supplier Inbiogen, which holds the biggest share in Vidente. Vidente is the largest shareholder of Bithumb by holding a 34.22 percent stake.
 
Prosecutors suspect the siblings colluded to embezzle corporate funds and manipulate stock prices.
 
Prosecutors have expanded an investigation surrounding the siblings since last year, starting with raiding the offices of several Bithumb affiliates. Kang Jong-hyun has also been banned from leaving the country.
 
Kang recently came under the spotlight after a romantic relationship with actress Park Min-young.

Yonhap
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)