South Korean prosecutors said they have arrested Kang Jong-hyun, the de-facto owner of local cryptocurrency exchange Bithumb, for alleged embezzlement and stock manipulation. Prosecutors said they have arrested Kang and a person identified only as Cho on the charges. Another person, also listed only as Cho, has pleaded guilty to all charges, according to local news outlet JTBC. Last month, South Korean prosecutors charged Kang and two other executives of Bithumb-affiliated firms with breach of trust, embezzlement and fraudulent transactions, the Seoul Southern District Prosecutors’ Office confirmed with Forkast via text message. (forkast)
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South Korea Arrests Head of Bithumb Crypto Exchange for Alleged Embezzlement
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