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The head of cryptocurrency exchange Bithumb, the largest shareholder, was found dead outside his home. He allegedly committed suicide by jumping from a building while Korean prosecutors were investigating him for embezzlement and stock market manipulation.
The manager was found dead from embezzlement and stock price manipulation
An executive linked to South Korea’s largest cryptocurrency exchange, Bithumb, was found dead in front of his home in southern Seoul on Friday, Yonhap News reported.
The executive, surnamed Park, is vice president of KOSDAQ-listed transmission equipment supplier Vidente Co., which is the largest shareholder of Bithumb Holdings Co., which controls South Korea’s largest cryptocurrency exchange. Vidente also owns a stake in Bithumb Korea.
According to local media, the executive committed suicide by jumping from a building while South Korean prosecutors were investigating him for embezzlement and stock price manipulation.
Park’s investigations included accusations against Kang Ji-yeon, head of kiosk supplier Inbiogen, and his brother Kang Jong-hyun. Inbiogen is Vidente’s largest shareholder. The siblings are alleged to embezzle company funds and manipulate stock prices. They reportedly put Park in charge of accounting.
The Seoul Southern District Prosecutor’s Office launched a full-scale investigation into the case in October last year, raiding three companies allegedly linked to Bithumb: Vidente, Inbiogen, and Bucket Studio. Prosecutors are expected to drop the case against Park after his death.
In July last year, Vidente said it was discussing selling its stake in Bithumb to FTX, but a deal had not been reached. The collapsed crypto exchange filed for bankruptcy in November. FTX and former CEO Sam Bankman-Fried (SBF) have been charged by the US government and regulators with multiple counts of fraud.
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