A South Korean Media Mogul Released on Bail Amid Bithumb Probe
A media mogul and business executive in South Korea, Won Young-sik, has been released on bail as investigations into market manipulation and insider trading at the crypto exchange Bithumb continue. Won, the former CEO of Chorokbaem Group, the parent company of Chorokbaem Media, was ordered to pay a deposit of $232,000 and wear an electronic tag. He is also prohibited from leaving the country, destroying evidence, and contacting anyone involved in the probe. Failure to attend further court hearings could result in his return to custody.
Bithumb Probe Expands to Alleged Stock and Crypto Market Manipulation
Last year, allegations emerged linking Kang Jong-hyun, a mysterious businessman, as the true owner of Bithumb. Prosecutors suspect that Kang manipulated stock market prices of firms listed on KOSDAQ by using his position. The probe expanded to involve more celebrities and now includes allegations of manipulating crypto markets by bribing ex-Bithumb officials to list coins on the platform. Kang’s former girlfriend, actress Park Min Young, is also implicated in the case. Prosecutors claim that Won and Kang used convertible bond call options held by Bithumb affiliates for their own gain.
Business Exec Accused of Insider Trading and Market Disruption
Prosecution officials allege that Won and Kang executed convertible bond call options for companies operated by Won’s children, causing disruption to markets amounting to over $45 million. Won is further accused of using undisclosed insider information about Chorokbaem Group to grant convertible bond call options to his child’s company, resulting in $1.9 million in unfair profits due to a subsequent rise in stock prices.
Bithumb Sees Recovery Amid Legal Troubles
Despite the ongoing legal issues, Bithumb has managed to regain ground lost to its competitor Upbit with the introduction of commission-free trading. The exchange is also aiming to become the first publicly listed crypto exchange on KOSDAQ. Bithumb’s trading volumes have shown improvement over the past year.
Hot Take: South Korean Media Mogul Released on Bail Amid Bithumb Probe
A South Korean court has granted bail to media mogul Won Young-sik as investigations into market manipulation and insider trading at Bithumb continue. Won, the former CEO of Chorokbaem Group, is accused of using convertible bond call options for personal gain, causing disruption to markets. The probe has expanded to include allegations of manipulating both stock and crypto markets. Despite the legal troubles, Bithumb has made a recovery with commission-free trading and hopes to become the first publicly listed crypto exchange in South Korea. The case highlights the need for transparency and accountability in the crypto industry.
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