Prosecutors applied for an arrest warrant for Kim Sang-chul, Hancom's chairperson, on suspicion of conspiring with executives of the subsidiary to use virtual assets worth about 9.60 billion won without authorization. Before this, the police had applied for an arrest warrant for the chairperson of Hancom on the 11th of this month.
Kim Sang-chul is suspected of leading the entire case of KimMo (35), an internal director of Hancom With, using "Arowana Token", a cryptocurrency in which Hancom With, a blockchain specialist affiliated with the Hancom Group, owns a stake.
Arowana Token was first listed on a virtual asset exchange in South Korea on April 20, 2021. Within 30 minutes of listing, its price soared from an initial 50 won to 53,800 won, a 1,075-fold increase, raising suspicions of market manipulation. At the time, there were 500 million Arowana tokens in circulation.
South Korean prosecutors have applied for an arrest warrant for the chairperson of Hancom who is "suspected of raising illegal funds with virtual currencies"
2024-07-17 03:20:01
Procuratorate involved company management conspiracy self-use user company valuedesk3cryptocurrencydesktopCrypto News
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