Prosecutors Raid Three Bithumb ‘Affiliates’ as Shareholder Scrutiny Intensifies
Source: Dennizn/Adobe A number of South Korean firms related to the crypto exchange Bithumb – including the firm that owns a controlling share of its stock &ndash ; have been raided by the prosecution service on embezzlement charges. Per MBC, officers searched the offices of Vidente, a publicly listed video equipment-making company that owns a majority 34% tranche of Bithumb’s shares. They also raided INBIOGEN, a footwear and accessories producer, and Bucket STUDIO, a firm that produces entertainment-related contents. The media outlet added that executives from the firms are being investigated on suspicion of embezzling company funds. While none of these companies appears to have a link with the crypto sector , they are believed to be owned by Kang Jong-hoon, a man widely believed to be the owner and “secret” chairman” of Bithumb. Kang has reportedly been attempting to sell Bithumb for over a year after acquiring the exchange &ndash ; an...