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[Apha Biz=(Chicago) Reporter Paul Lee] Since its listing, Bithumb has decided to delist "Arowana Token," which has been suspected of being used to make markets and raise slush funds for Hangeul and Computer Chairman Kim Sang-chul.
It has been a year and 10 months since the problem erupted, and it is pointed out that investors have been exposed to the risk of loss while allowing transactions to take place.
According to the box industry on the 10th, Bithumb announced on the 9th that it will end Arowana token transaction support at 3 p.m. on the 28th in accordance with the designation policy of virtual asset investment.
There are only three exchanges around the world that support Arowana Token trading, including Bithumb. Among them, it is a typical kimchi coin that has been traded more than 90% on the domestic exchange Bithumb alone.
Arowana Token has been suspected of manipulating the market price, rising more than 100,000% right after it was listed on Bithumb in April 2021. The price of Arowana Token, which was originally 50 won, soared to 53,800 won in just 30 minutes.
Since then, Bithumb has designated it as a significant item once in October of that year as there have been allegations that Chairman Kim raised slush funds through Arowana. Bithumb said at the time, "We will confirm the contents with the foundation after media reports on the negative impact on virtual assets have been confirmed."
Finally, Bithumb decided to delist Arowana Token without extending the period after re-designating it as a significant stock on the 28th of last month. In the end, it is highly likely that the transaction support will be terminated, but it has been left to ordinary investors to buy and sell freely.
However, Bithumb denies all suspicions of Arowana Token and Hancom Chairman Kim Sang-chul. He explained that the decision to delist the company was only a result of considering 'business feasibility' regardless of this.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
