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Prosecutors Raid Three Bithumb ‘Affiliates’ as Shareholder Scrutiny Intensifies

30/11/2022
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Dubai, UAE
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Prosecutors Raid Three Bithumb ‘Affiliates’ as Shareholder Scrutiny Intensifies
Source: Dennizn/Adobe

Numerous South Korean companies associated to the crypto change Bithumb – together with the agency that owns a controlling share of its inventory – have been raided by the prosecution service on embezzlement expenses.

Per MBC, officers searched the places of work of Vidente, a publicly listed video equipment-making firm that owns a majority 34% tranche of Bithumb’s shares. They additionally raided INBIOGEN, a footwear and equipment producer, and Bucket STUDIO, a agency that produces entertainment-related content material.

The media outlet added that executives from the companies are being investigated on suspicion of embezzling firm funds.

While none of those corporations seems to have a hyperlink with the crypto sector, they’re believed to be owned by Kang Jong-hoon, a person extensively believed to be the proprietor and “secret” chairman” of Bithumb.

Kang has reportedly been making an attempt to promote Bithumb for over a yr after buying the change – and the opposite three corporations – again in 2020. Some companies have additionally enquired about the potential for shopping for Vidente, a transfer that may grant them management over Bithumb.

Prosecutors Raid Three Bithumb ‘Affiliates as Shareholder Scrutiny Intensifies
Bithumb trading volumes. (Source: CoinGecko)

A leading South Korean media outlet earlier this month published a comprehensive exposé of Kang earlier this month, alleging that he had appointed the older sister of his celebrity girlfriend, the actress Park Min-young, as an INBIOGEN director. Park’s sister has recently stepped down from her role at INBIOGEN, but prosecutors appear to believe that financial wrongdoings may be afoot at the companies.

Officers removed “accounting-related” documents and digital data from the three firms.

Prosecutors stated that the crypto exchange Bithumb was currently not part of their investigations.
 

1665413491 45 Prosecutors Raid Three Bithumb ‘Affiliates as Shareholder Scrutiny Intensifies
Source: CoinMarketCap

Who Is Bithumb’s Biggest Shareholder?

Kang is a considerably mysterious determine within the South Korean crypto trade – and doesn’t have a background in IT.

His enterprise card reportedly refers to him as the Chairman of Vidente, INBIOGEN, Bucket STUDIO, and the Bithumb affiliate Bithumb Live. The exposé’s authors supplied testimony from unnamed sources who claimed Kang has hyperlinks to the underworld – as nicely as a fleet of luxurious vehicles, all of that are registered within the names of mates or relations.

Park’s representatives have confirmed that she was romantically concerned with Kang however have claimed she has since damaged off the connection.

Compiled by Coinbold

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