An executive of cryptocurrency exchange Bithumb’s largest shareholder was found dead outside his home. He was under investigation by South Korean prosecutors for embezzlement and stock market manipulation when he allegedly committed suicide by jumping off a building.
An executive was found dead
while under investigation for embezzlement and stock market manipulation.
Yonhap News reported that an executive associated with Bithumb, South Korea’s largest cryptocurrency exchange, was found dead in front of his home in southern Seoul on Friday.
The executive, identified as Park, was the vice president of KOSDAQ-listed broadcast equipment supplier Vidente Corporation and the largest shareholder of Bithumb Holdings, 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 under investigation by South Korean prosecutors for embezzlement and manipulation of stock prices.
Park’s investigation involved allegations against Kang Ji-yeon, head of kiosk supplier Inbiogen, and his brother Kang Jong-hyun; Inbiogen is Vidente’s largest shareholder. The brothers allegedly colluded to embezzle company funds and manipulate the stock price. They reportedly put Park in charge of accounting.
Last October, the district attorney’s office in southern Seoul launched a full-scale investigation into the case and raided three companies suspected of having ties to Bissam: Vidente, Inbiogen, and Bucket Studio. Prosecutors expect to end their case against Park as a result of his death.
Last July, Vidente said it had discussed selling its stake in Bithumb to FTX, but no deal was struck. 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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