Former Chairman of South Korean Crypto Exchange Bithumb Arrested: Report

South Korean prosecutors had sought the arrest of Jong-Hyun last week along with two other executives – including his younger sister, Kang Ji-Yeon, the CEO of two publicly traded Bithumb affiliates, Inbiogen and Bucket Studio, according to local reports.

Subsequently, on Thursday last week, the offices of Bithumb were raided as part of an investigation into price manipulation of a coin listed on the South Korean crypto exchange,South Korea’s National Tax Service had reportedly opened a separate investigation into possible tax evasion at Bithumb and its affiliates.

The investigation into Kang and the other executives’ behavior is separate from the tax evasion investigation, and centers around allegations that Kang and the others stole company money and conspired to manipulate stock prices.after failing to meet regulatory requirements.on charges that he committed a $100 million fraud connected to the exchange.in South Korea after being named as a suspect in prosecutors’ investigation into the alleged embezzlement and stock manipulation.

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