'Bithumb Affiliate Suspected of Nominee Trading' Actor Park Min-young Investigated as Witness

[Asia Economy Reporter Yoo Hyun-seok] The prosecution investigating allegations of breach of trust and embezzlement against Kang Jong-hyun (41), known as the real owner of the cryptocurrency exchange Bithumb, summoned and questioned Kang's former lover, actress Park Min-young (37).

According to the legal community on the 14th, the Financial Investigation Division 2 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Chae Hee-man) called Park on the 13th as a witness to ask whether she was involved in the process by which Kang obtained illicit gains from Bithumb affiliates.

The prosecution believes that Kang and his associates embezzled company funds from Bithumb affiliates such as Vidente, Inbiogen, and Bucket Studio, issued convertible bonds (CB), and then manipulated the stock price to gain illicit profits. Kang was arrested on February 2 on charges of breach of trust and embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, and fraudulent trading under the Capital Markets Act.

The prosecution has detected traces of Kang and others using Park's name while issuing and trading CBs and is tracking the flow of money. Kang is known to have effectively controlled Bithumb through his younger sister Kang Ji-yeon (39), who is the CEO of Bithumb affiliates Inbiogen and Bucket Studio.

Vidente holds a 34.2% stake in Bithumb Holdings, the largest single shareholder of Bithumb Korea, which operates Bithumb. The largest shareholder of Vidente is Inbiogen, and the largest shareholder of Inbiogen is Bucket Studio.

Kang's romantic relationship with Park was revealed at the end of September last year. The two announced their breakup following reports of their relationship.

At that time, it was also revealed that Park's older sister served as an outside director at Inbiogen, a Bithumb affiliate where Kang's younger sister is CEO.