The Seoul Prosecutor’s Office has issued an arrest warrant for Kang Jong-Hyun, owner of crypto exchange Bithumb, for allegedly embezzling and manipulating the stock price of several affiliated firms.
According to local media, the companies in question are subsidiaries Inbiogen and Bucket Studio, which are headed by Kang’s younger brother, Ji Yong. The Korean authorities believe that he helped manipulate the shares by issuing convertible bonds.
Security forces raided in October 2022 the offices of these firms, as well as the largest shareholder of Bithumb Holdings (34.2%), Vidente.
