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[Alpha Biz=(Chicago) Reporter Paul Lee] Kang Jong-hyun, who is suspected of being the real owner of the virtual currency exchange Bithumb, has been put on trial under arrest.
The Financial Investigation Department 2 (Chief Prosecutor Chae Hee-man) at the Seoul Southern District Prosecutors' Office said on the 20th that it has arrested and indicted Kang on charges of breach of trust and embezzlement under the Specific Economic Crime-weighted Punishment Act and fraudulent transactions under the Capital Markets Act. Cho, the head of a Bithumb affiliate who is accused of the same charges, was put on trial under arrest. Cho, an employee in charge of accounting-related affairs under Kang's direction, was put on trial without physical detention.
Kang is the real brother of Kang Ji-yeon, CEO of Bithumb affiliate Inbiogen and Bucket Studio, and is known as the real owner of Bithumb, and is suspected of colluding with his younger sister Kang Ji-yeon to siphon off company money or engaging in stock price manipulation to collect 62.8 billion won in unfair profits. He made headlines for his romantic relationship with actor Park Min-young. He is also suspected of trading convertible bonds under borrowed names to avoid disclosure obligations.
Prosecutors are known to have found circumstantial evidence that these siblings conspired to siphon off company money or manipulated stock prices. In October last year, the prosecution began a full-fledged investigation by seizing and searching Bithumb affiliates such as Vidente, Inbiogen, and Bucket Studio.
On the 2nd of this month, the court issued an arrest warrant for Kang and Cho, an executive of a Bithumb affiliate, saying, "There is a risk of escape and destruction of evidence." On the 13th, the prosecution also investigated actor Park Min-young, Kang's ex-lover, as a witness.
Meanwhile, Bithumb Holdings' largest shareholder is Vidente, a KOSDAQ-listed company with a 34.22% stake. Vidente's largest shareholder is Inbiogen, a kiosk distributor, and Inbiogen's largest shareholder is Bucket Studio. Kang's younger brother Kang Ji-yeon is the CEO of Inbiogen and Bucket Studio.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
