The South Korean prosecutor has formally sued Jiang Jong-hyun and detained and searched Vidente, the largest shareholder of Bithumb
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.
Interpretation of this information:
The news broke out this morning that the largest shareholder of Bithumb, Vidente, has been seized and searched by the South Korean prosecutor. It is suspected that the search is related to the investigation of Bithumb-related companies that have misappropriated funds. This news has come as a shock to the cryptocurrency community, as Bithumb exchange has been a leading exchange in the South Korean market.
Vidente is a conglomerate that deals with various businesses such as interactive lottery terminals, IT services, and content planning. Bithumb, on the other hand, is a cryptocurrency exchange that is said to be the second-largest exchange in South Korea. It has been operating since 2014 and has seen significant growth in the past few years with the rise in popularity of cryptocurrencies.
This is not the first time that Bithumb has come under investigation. In June 2018, the exchange’s office was raided by the Korean authorities, and the exchange was accused of tax evasion. The exchange was also hacked twice in 2018, and the losses from the hack were estimated to be around $32 million.
The news of the seizure and search of Vidente has led to a lot of speculation in the cryptocurrency community. It is not yet clear how this will affect the operations of Bithumb or the cryptocurrency market in South Korea. However, there is a possibility that this investigation could lead to a crackdown on other cryptocurrency exchanges in South Korea.
In conclusion, the investigation of Bithumb-related companies suspected of misappropriating funds is an issue that needs to be taken seriously. It is crucial to maintain the integrity of the cryptocurrency market and ensure that investors are protected. This news should serve as a reminder to all cryptocurrency exchanges that they need to be transparent and operate ethically to maintain the trust of their users.
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