According to local news outlet Infomax, South Korean prosecutors requested an arrest warrant on Jan. 25 for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb. Kang is wanted on allegations of embezzlement related to his activities at the exchange.
The same day, the Financial Investigation 2nd Division of the Seoul Southern District Prosecutor’s Office sentenced Kang and two Bithumb executives on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. The executives were also charged with conducting fraudulent illegal transactions under the Capital Markets Act.
One of the few public photos of Kang Jong-Hyun. Source: Korea Post English
Cointelegraph previously reported on Jan. 10 that Bithumb was placed under a “special tax investigation” by the country’s National Tax