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Kang Jong-Hyun, the chairman and owner of cryptocurrency exchange Bithumb, is wanted on suspicions of embezzlement relating to his activities at the exchange, according to local news outlet Infomax.Kang and two Bithumb executives were also sentenced under the Act on the Aggravated Punishment of Specific Economic Crimes by the Financial Investigation 2nd Division of the Seoul Southern District Prosecutor’s Office on <a href="https://news.einfomax.co.kr/news/articleView.html" rel="noopener noreferrer nofollow">charges of fraud and breach of trust</a>.Under the Capital Markets Act, the executives were also charged with engaging in deceptive and illegal operations.<h2 id="header-0">Bithumb chief under investigation for embezzlement, price manipulation</h2>Park Mo, the largest shareholder in Bithumb, was discovered dead in front of his own house on Dec. 30, 2022, as a result of investigations into his alleged involvement in the theft of funds from businesses affiliated with Bithumb.Mo may have committed suicide, according to speculations, given the seriousness of the charges against him.The nation’s National Tax Service declared Bithumb the subject of a “special tax investigation” on Jan. 10. In connection with the incident, Kang is being looked into for his alleged involvement in the issuing of convertible bonds in order to <a href="https://micky.com.au/report-73-of-crypto-exchanges-faking-90-of-trading-volumes/" rel="noopener noreferrer nofollow">manipulate the stock prices</a> of Bithumb affiliates Inbiogen and Bucket Studio.With a 34.2% interest in Bithumb, Vidente is now the company’s largest stakeholder.

Bithumb owner wanted for embezzlement in South Korea

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