‘Virtual currency’ Bithumb affiliates suspected of embezzlement… prosecutor’s search

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(Seoul = Yonhap News) Reporter Jeong-eun Song = Prosecutors have caught the suspicion of embezzlement by the management of the affiliated company of the cryptocurrency exchange ‘Bithumb’ and have launched a forced investigation.

The Seoul Southern District Prosecutors’ Office’s Financial Investigation Division 2 (Chief Prosecutor Chae Hee-man) sent prosecutors and investigators to Vident, Inbiogen, and Bucket Studio on the 7th to secure computerized data and accounting books. Bithumb was excluded from the search and seizure targets.

Vident is the single largest shareholder with a 34.22% stake in Bithumb Holdings (the largest shareholder of Bithumb Korea, which operates Bithumb).

Vident’s largest shareholder is Inbiogen, and Inbiogen’s largest shareholder is Bucket Studio.

An official from the prosecution said, “We are investigating the allegation of embezzlement of a Bithumb affiliate.”

The CEO of Inbiogen and Bucket Studio is Kang Ji-yeon, the younger brother of businessman Kang Jong-hyeon, who has recently been rumored to be dating famous actor Park Min-young. Recently, it became known that Park’s older sister was listed as an outside director of Inbiogen.

Ji-yeon Kang, who also serves as an inside director of Bithumb Holdings, is known to have bought three companies, Vident, Inbiogen, and Bucket Studio, for 23 billion won in 2020. Vident and Bucket Studio are listed on the KOSDAQ and Inbiogen are listed on the KOSPI, respectively.

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