Prosecutors Request Arrest Warrant for Kang Jong-hyun, Suspected Real Owner of Bithumb

[Asia Economy Reporter Oh Su-yeon] The prosecution investigating embezzlement allegations against the management of the cryptocurrency exchange 'Bithumb' affiliate has requested an arrest warrant for Kang Jong-hyun, who is suspected to be the actual owner.

According to the legal community, on the 25th, the Financial Investigation Division 2 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Chae Hee-man) filed an arrest warrant on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes and fraudulent unfair trading under the Capital Markets Act.

Kang is suspected of playing a key role in manipulating the stock prices of Bithumb affiliates Bident, Inbiogen, and Bucket Studio.

Kang is the older brother of Kang Ji-yeon, CEO of Bident, Inbiogen, and Bucket Studio.

The prosecution detected circumstances indicating that the siblings colluded to embezzle company funds or manipulate stock prices and began investigations last October, including conducting a search and seizure of Bithumb affiliates.