Recently, an executive associated with the crypto exchange Bithumb was found dead outside his home. He was an employee of the largest shareholder of the platform. Data shows that he committed suicide by jumping off his building. However, it is yet to be confirmed. The executive was under investigation for stock market manipulation and stealing of funds by Korean prosecutors.
Crypto executive commits suicide while under investigation
The news about the death of the crypto executive linked to Bithumb was reported by a local news channel Yonhap. The person was found dead in front of his home in Southern Seoul on Friday. It is most likely a suicide which is probably because the authorities were investigating him for multiple illegal activities.
The executive was no small employee being the vice president of the broadcast equipment supplier Vidente Co. Vidente is a public company listed on KOSDAQ and is also the largest shareholder of the crypto exchange Bithumb.
The investigation against the executive involved the head of Kiosk supplier Inbiogem, Kang Ji-Yeon and also her brother Kang Jong-hyun. Like Vidente was the largest shareholder of Bithumb, Inbiogem was the largest shareholder in Vidente. The two siblings were allegedly involved in embezzling corporate funds and also manipulating stock prices. It is said that the executive who committed suicide was made in charge of accounting.
Another firm Buckey Studio is also involved in this case and was raided by the investigating authorities last year. However, there are no details on the same.
About Bithumb
Bithumb is a South Korean exchnage which was founded in 2014 and has 8 million registered users, 1 million users of its mobile app, and a current cumulative transaction volume that exceeds $1 trillion USD. An organisation by the name of BTC Korea.Com Co. Ltd. oversees the exchange. Bithumb offers cryptocurrency trading coupled with the South Korean Won, primarily serving Korean consumers (KRW).
Although Bitcoin is the most popular cryptocurrency traded, Bithumb also provides a variety of other currencies. One of the greatest trade volumes recorded by a cryptocurrency exchange in Korea belongs to Bithumb. In terms of the volume of Bitcoin traded, it is regarded as one of the top exchanges worldwide.
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