South Korean prosecutors arrest executive suspected of destroying evidence at Bithumb ‘affiliate’
South Korean law enforcement has arrested an executive of one of the companies affiliated with the crypto exchange Bithumb. The executive was accused of destroying evidence before a probe on site earlier this month.
Development comes as Deputies and prosecutors try to unravel the mysteries surrounding the ownership of the exchange – one of the largest crypto trading platforms in the country.
Newswho More reported that a Bucket Studio executive nicknamed Lee (first name omitted for legal reasons) was arrested for obstructing a police investigation. Detectives say Lee sought to conceal or delete company data and ‘delete CCTV footage’ just before prosecution began raids on Bucket Studio and two other companies with ties with Bithumb on October 7.
The “stolen data” included “investment-related documents” that “prove” company executives were complicit in “embezzlement”, prosecutors suggested.
Close scrutiny from social media and mainstream media followed revelations about alleged ‘shadow chairman’ and majority shareholder of Bithumb Kang Jong-hyun after a major talk last month. Reports have alleged that Kang bought three publicly traded companies (Bucket Studio, Vidente, and INBIOGEN). All three companies hold stakes in Bithumb.
Kang is also suspected of appointing his famous former girlfriend’s sister as an executive at INBIOGEN. Media outlets claimed that Kang had registered his business interests and assets in the name of his own younger sister.
Prosecutors suspecting wrongdoing have already intervened and earlier this month seized data and documents from all three companies. Now they’re tracking Lee’s arrest.
What is this affiliate’s Bithumb login?
Primarily a film and drama distributor, Studio Bucket announced last year that it had acquired a 4.5% stake in Bithumb. And following this, the company said that it will partner with Bithumb’s Bithumb Live platform to create a new business network.
Kang’s business card lists him as CEO of Bithumb Live, Bucket Studio, Vidente, and INBIOGEN.
The outlet added that prosecutors are “reviewing their timing options” as they consider summoning Kang for questioning. They may also seek to issue a travel ban.