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South Korean prosecutors request arrest warrant for Bithumb owner: Report

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According to local news outlet, South Korean prosecutors have requested an arrest warrant on Jan.25 for Kang Jong-Hyun, chairman and actual owner of cryptocurrency exchange Bithumb.

Jong-Hyun is wanted on allegations of embezzlement related to his activities at the exchange.The same day, the Seoul Southern District Prosecutor's Office Financial Investigation 2nd Division sentenced Kang and two Bithumb executives on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

The executives were also charged with conducting fraudulent illegal transactions under the Capital Markets Act. Cointelegraph previously reported on Jan.

10 that Bithumb was placed under a "special tax investigation" by the country's National Tax Service. Simultaneous to the incident, Jong-Hyun is under investigation over his role in allegedly manipulating the stock prices of Bithumb affiliates Inbiogen and Bucket Studio through the issuance of convertible bonds.

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