Kang Jong Hyun, known as the ex-boyfriend to actress Park Min Young and the owner of the virtual currency exchange Bithumb, was arrested.
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According to reports on February 1, Seoul Southern District Court conducted a pre-arrest interrogation (warrant review) of Kang Jong Hyun, who is suspected of embezzlement and breach of trust. It was determined that there would be a risk of Kang Jong Hyun fleeing and destroying evidence.
Mr. Jo, the representative of Bithumb official who is considered Kang's aide, was also arrested. The warrant for another Mr. Jo, who was in charge of accounting-related work under Mr. Kang's instructions, was dismissed. He is said to have confessed to all charges.
Kang Jong-hyun is the older brother of Kang Ji Yeon, CEO of Inbiogen and Bucket Studio (affiliates of Bithumb) and is suspected of being the real owner of Bithumb.
Prosecutors launched a full-fledged investigation by seizing and searching Bithumb affiliates such as Vident, Inbiogen, and Bucket Studios in October of last year in an attempt to uncover the Kang siblings's conspiracy to steal company money and manipulate stock prices.
Meanwhile, Kang Jong Hyun and Park Min Young were rumored to be dating in September of last year, but two days after the dating news broke, Park Min Young announced through her agency that they had broken up.