Seoul Prosecutors Charge Shady Owner of Bithumb Exchange

South Korean prosecutors have summoned a beneficiary of the Bithumb exchange to testify in a case involving alleged manipulation of the company's share price and embezzlement of funds. According to law enforcement, Kang Jong-Hyun is believed to be the de facto head of the Bithumb cryptocurrency exchange, as he owns a 34% stake in Vidente, the largest shareholder of Bithumb Holdings, the parent company of Bithumb. Last week, Kang Jong-hyun and his sister Kang Ji-yeon, CEO of Vident and “biggest shareholder of Bitsum”, were twice summoned for questioning by the Financial Investigation Department of the Seoul Southern District Prosecutor's Office. There, businessmen were charged with manipulating the capital market and stealing money from shareholders. In December, Vidente Vice President Park Mo was put on trial for destroying evidence and “concealing criminal acts” in a case involving embezzlement of funds from companies linked to the Bithumb crypto exchange.. However, on December 30, Pak Mo was found dead near his house.. According to the preliminary conclusion of the experts, it was a suicide.