April

Coin

<ul class="wp-block-list news-points">
 <li>Hancom Group Chairman Kim Sang-cheol faces increased scrutiny over market manipulation allegations.</li>
 <li>Kim has been referred to South Korean prosecutors following a series of investigations and raids that began in 2021.</li>
 <li>Reports revealed Kim’s involvement in setting up a secret slush fund.</li>
</ul>
Software company Hancom Group Chairman Kim Sang-cheol is under investigation for allegedly amassing illicit funds worth tens of billions of Korean won using Arowana (ARW) tokens. South Korean prosecutors are now reviewing the case following a series of investigations and raids that began in 2021.
The Arowana token is linked to Hancom With, a blockchain subsidiary of the Hancom Group. Reports indicate the blockchain firm has significantly invested in Arowana. The token launched on the South Korean crypto exchange Bithumb on April 20, 2021. Within 30 minutes, the ARW price soared from 50 won to 53,800 won, a 1,075-fold jump.
<h2 class="wp-block-heading" id="h-market-manipulation-concerns-and-allegations">Market Manipulation Concerns and Allegations</h2>
The staggering rise of the token has raised concerns about market manipulation. Although Hancom, Arowana, and Bithumb denied the allegations, local police launched an investigation. Additionally, Kim was ac…
The post <a href="https://coinedition.com/hancom-chairman-faces-crypto-fraud-probe-in-south-korea/" rel="noopener noreferrer nofollow">Hancom Chairman Faces Crypto Fraud Probe in South Korea</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Hancom Chairman Faces Crypto Fraud Probe in South Korea

Table of Contents

Coin Edition

Other articles published on Oct 4, 2024

CryptoPunk 1563 “Sells” for $56M: Real Deal or Flash Loan Stunt?

Cryptocurrency Market Sees Significant Growth in Q3 2024 Despite Global Economic Pressures

FTX Hearing Set for October 7: Key Details on the Payout Process

Circle Expands USDC Access in Brazil and Mexico via PIX and SPEI Real-Time Payment Systems

Massive Bitcoin Outflows Recorded: Should You Hold or Sell Your BTC?

Hedera's $HBAR Gains US Institutional Access with Launch of Canary Trust

Join our free newsletter for daily crypto updates!