A vice president of Vident, a division of the virtual currency exchange Bithumb, was discovered dead today in front of his residence in Dongjak-gu, Seoul, South Korea.
South Korean investigators are looking at the management of Bithumb for alleged fraud and stock price manipulation. The case is under investigation by the police. According to local news blog Money Today, the individual, who has been publicly identified as Mr. Park Mo, a major shareholder of Bithumb, was discovered dead at his residence in Seoul.
The cause of death is currently unknown, and authorities are conducting an investigation to determine the circumstances surrounding the incident. The police stated that the death is being treated as a suicide. The official also noted that optometric and CCTV analysis at the scene have indicated that there is no other possibility at this time.
Suspicions have been raised about the Kang siblings, who are accused of amassing illegal gains by manipulating stock prices and selling convertible bonds, as well as establishing slush funds by extorting millions from firms founded under borrowed names.
There are allegations that Park’s decision was influenced by the fact that the Kang siblings deflected all responsibility for theft and stock price manipulation to others.
Bithumb has not released a statement on the matter at this time. The investigation is ongoing, and further details will be provided as they become available.
Kang Ji-Yeon embezzlement case
Park was under investigation in connection with charges that Kang Ji-yeon, the CEO of kiosk supplier Inbiogen, which owns the majority stake in Vident, and her sibling Kang Jong-hyun, who are also under investigation.
On Oct.7, the Financial Investigation Division 2 of the Seoul Southern District Prosecutor’s Office raided and investigated linked businesses such as Vident, Inbiogen, and Bucket Studios to uncover the circumstances behind Kang’s brother and sister’s conspiracy to steal from the firm or manipulate stock prices.
South Korean crypto scene
A volatile 2022 prompted governments all across the world to take a closer look at the cryptocurrency industry. The South Korean government, in particular, heightened its interest in digital currencies and decided to regulate them.
It is worth mentioning that the Bithumb issue is one of the most high-profile crises affecting the South Korean crypto sector. According to the local news outlet Newsis, 16 people were held by South Korean customs officers in August for engaging in illicit foreign exchange operations.