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An government of the most important shareholder of cryptocurrency change Bithumb was discovered lifeless exterior his house. He allegedly dedicated suicide by leaping off a constructing whereas below investigation by Korean prosecutors for embezzlement and inventory market manipulation.
Government Discovered Useless Amid Investigation of Embezzlement and Inventory Worth Manipulation
An government linked to South Korea’s largest cryptocurrency change, Bithumb, was discovered lifeless in entrance of his house in southern Seoul Friday, Yonhap Information reported.
The manager, surnamed Park, is the vice chairman of KOSDAQ-listed broadcast gear provider Vidente Co., the most important shareholder of Bithumb Holdings Co. that controls South Korea’s largest cryptocurrency change. Vidente additionally holds a stake in Bithumb Korea.
In line with native media, the chief dedicated suicide by leaping off a constructing whereas being investigated by South Korean prosecutors for embezzlement and inventory value manipulation.
Park’s investigations concerned allegations towards Kang Ji-yeon, head of the kiosk provider Inbiogen, and her brother Kang Jong-hyun. Inbiogen is the most important shareholder of Vidente. The siblings allegedly colluded to embezzle company funds and manipulate inventory costs. They reportedly put Park answerable for accounting.
The Seoul Southern District Prosecutor’s Workplace launched a full-fledged investigation into the case in October final yr and raided three companies allegedly related to Bithumb: Vidente, Inbiogen, and Bucket Studio. Prosecutors are anticipated to terminate their case towards Park upon his loss of life.
In July final yr, Vidente stated it held discussions about promoting its stake in Bithumb to FTX however no deal had been reached. The collapsed crypto change filed for bankruptcy in November. FTX and former CEO Sam Bankman-Fried (SBF) have been charged by the U.S. authorities and regulators with a number of counts of fraud.
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