Bithumb crypto exchange owner taken into custody


Kang Jong-Hyun, owner of cryptocurrency exchange Bithumb in South Korea, has been taken into custody on charges of misappropriation and manipulating the value of shares in related companies. According to journalists, the court issued its ruling on 2 February.

A warrant for his arrest was issued by the Seoul prosecutor's office in late January. His brother Ji Yong, head of Inbiogen and Bucket Studi, is said to have helped lock in share prices by offering convertible bonds. 

Inspectors raided several offices, including those of Vidente, Bithumb Holdings' largest shareholder (34.2%) in October 2022.

In December, Vidente vice-president and journalist Colin Wu died, suggesting that Korean authorities believe he may have been involved in financial crimes and corruption. 

Earlier, police questioned Bithumb Holdings beneficiary Lee Jong-Hoon in a case involving $25 million worth of BXA tokens that were allegedly sold fraudulently; Lee faced up to 8 years in prison on charges such as defrauding investors, although he was eventually cleared of all charges.

Finally, there was another investigation initiated by South Korea's National Tax Service into possible tax law violations by Bithumb Korea, Bithumb Holdings and other related firms.

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