• March 27, 2023


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South Korea Requests Arrest Warrant for Bithumb Owner

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The South Korean authorities have just requested an arrest warrant for Kang Jong-Hyun, chairman and owner of crypto exchange Bithumb, local publication Infomax has reported.

Kang has reportedly been accused of embezzlement related to his activities at Bithumb.

In addition, the Financial Investigation 2nd Division of the Seoul Southern District Prosecutor’s Office has accused Kang and two Bithumb executives of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

Recall that South Korea’s National Tax Service had previously launched a tax-related investigation into Bithumb. At the same time, the authorities of the country are investigating Kang for allegedly manipulating the stock prices of Bithumb affiliates Inbiogen and Bucket Studio.