South Korean Prosecutor Seizes Bithumb’s Largest Shareholder

02/22/2023 08:59 • Tech Ticker • 152 views

It is reported that this morning, the South Korean prosecutor seized and searched Vidente, the largest shareholder of Bithumb (holding 34.22% of Bithumb’s shares), in the investigation of Bithumb-related companies suspected of misappropriating funds.

The South Korean prosecutor has formally sued Jiang Jong-hyun and detained and searched Vidente, the largest shareholder of Bithumb

Interpret the above information:

South Korean prosecutors are continuing their sweeping investigation of Bithumb and its related companies, and have now turned their attention to Vidente, the largest shareholder of Bithumb. Vidente, which holds 34.22% of Bithumb’s shares, was seized and searched this morning. This move comes as a part of the ongoing investigation into the misappropriation of funds by the Bithumb-linked companies.

According to reports, the authorities are investigating allegations of misappropriation of funds by firms associated with Bithumb, such as Bithumb Korea, Bithumb Holdings, and Bithumb Coin. Prosecutors believe that these companies have been using customers’ funds for their own purposes, violating the electronic financial transactions act in the process. The amount of money involved is said to be in the range of tens of millions of dollars.

With regard to Vidente’s involvement in the misappropriation scandal, it is not yet known whether there is any evidence of wrongdoing on the part of the company. However, given its significant shareholding in Bithumb, it is likely that Vidente may become the focus of the investigation.

The Bithumb scandal has been making headlines for a while now. In 2018, the company suffered a massive hack that resulted in the theft of millions of dollars’ worth of cryptocurrencies. Since then, the company has been in legal trouble, facing charges of fraud and other financial crimes. The present investigation is just the latest in a series of legal troubles for Bithumb.

In conclusion, the ongoing investigation into Bithumb’s alleged misappropriation of funds has now ensnared the company’s largest shareholder, Vidente. While it remains to be seen whether any evidence of wrongdoing will be uncovered against the company, the possibility cannot be ruled out. This development is likely to have significant implications for Bithumb and its related companies, and the future of cryptocurrency in the country.

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