[Asia Economy Reporter Hwang Seoyul] Businessman Kang Jonghyun, who is suspected to be the real owner of the cryptocurrency exchange 'Bithumb,' is facing detention on charges including embezzlement.
On the 26th, the Seoul Southern District Court will conduct a pre-trial detention hearing (warrant review) at 10:30 a.m. on the 1st of next month for Kang Jonghyun, who is accused of fraudulent unfair trading under the Capital Markets Act and embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.
Earlier, the prosecution uncovered evidence that the siblings conspired to embezzle company funds and manipulate stock prices, leading to a search and seizure of Bithumb affiliates including Bident, Inbiogen, and Bucket Studio in October last year.
Bident is a KOSDAQ-listed company and the single largest shareholder of Bithumb, holding 34.22% of Bithumb Holdings' shares. Inbiogen is the largest shareholder of Bident, and Bucket Studio is the largest shareholder of Inbiogen.
Although the CEOs of Inbiogen and Bucket Studio are both Kang Jiyeon, the younger sibling, suspicions have arisen that Kang Jonghyun is the actual owner, making him the key figure in the embezzlement case. It is also known that Kang Jiyeon was summoned for investigation during the first week of this month.
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