[Asia Economy Reporters Tae-won Choi and Byung-sun Gong] The prosecution has launched a search and seizure operation at Vidente, the largest shareholder of the cryptocurrency exchange Bithumb, to further investigate allegations of embezzlement involving Bithumb affiliates.
On the 22nd, the Financial Investigation Division 2 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Chae Hee-man) announced that investigators were dispatched to Vidente to execute a search warrant.
The prosecution is reportedly conducting additional investigations related to Kang Jong-hyun, who was indicted and detained on the 20th on charges of breach of trust and embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, as well as fraudulent trading under the Capital Markets Act. Kang is accused of effectively owning affiliates through his younger sister Kang Ji-yeon, who is the CEO of Inbiogen and Bucket Studio, both Bithumb affiliates, and engaging in stock price manipulation.
Vidente holds a 34.22% stake in Bithumb Holdings, making it the largest shareholder. The ownership structure is connected, with Vidente's largest shareholder being Inbiogen, and Inbiogen's largest shareholder being Bucket Studio.
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