Home » Bithumb Owner Arrested for Alleged Stock Manipulation and Embezzlement

Bithumb Owner Arrested for Alleged Stock Manipulation and Embezzlement

by Lisa Zheng

Kang Jong-hyun, the owner of the leading cryptocurrency exchange Bithumb, was recently arrested in South Korea on accusations of financial law violations, stock price manipulation, and embezzlement of nearly $50 million. The police also detained Jo Mo, a representative of the cryptocurrency platform, and another Bithumb executive who destroyed key evidence. Kang has denied the accusations against him, but his identity remains shrouded in mystery.

Meanwhile, the Seoul Central District Court ruled last month that Lee Jung-hoon, the former Chairman of Bithumb, had not committed fraud and was thus acquitted of eight years in prison. He was accused of embezzling more than $87 million from the Chairman of BK Group. Park Mo, the Vice President of Bithumb’s largest shareholder Vidente, was also under investigation but was found dead in front of his home in Seoul. The initial investigation found no signs of potential murder, suggesting that Mo might have committed suicide.


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