South Korean Prosecutor Detains Bithumb's Actual Owner Kang Jong-hyun on Suspicion of Embezzlement

The arrest warrant was issued by the head of the Seoul South District Court on the grounds that "there is a risk of escape and destruction of evidence". In addition, Jo, who is believed to be a representative of an unlisted company related to Kang Jong-hyun, was also detained together.

Previously, the Financial Investigation Division 2 of the Seoul South District Prosecutors Office applied for arrest warrants for Kang Jong-hyun and three others on the 25th of last month on suspicion of malpractice, embezzlement, and fraudulent and improper trading under the Capital Market Law of the Act on Aggravated Punishment for Specified Economic Crimes.