• A vice president of Vident, a division of the virtual currency exchange Bithumb, was discovered dead at his residence in Dongjak-gu, Seoul, South Korea.
• South Korean investigators are looking into the management of Bithumb for alleged fraud and stock price manipulation.
• Suspicions have been raised about the Kang siblings, who are accused of amassing illegal gains by manipulating stock prices and selling convertible bonds.
Today, a tragedy has occurred in Seoul, South Korea, as the vice president of Vident, a division of the virtual currency exchange Bithumb, was discovered dead at his residence in Dongjak-gu. The individual, who has been identified as Mr. Park Mo, was a major shareholder of Bithumb. As the cause of death is currently unknown, authorities are conducting an investigation to determine the circumstances surrounding the incident.
The police have stated that the death is being treated as a suicide, and optometric and CCTV analysis at the scene have indicated that there is no other possibility at this time. This news comes as South Korean investigators are looking into the management of Bithumb for alleged fraud and stock price manipulation.
Suspicions have been raised about the Kang siblings, who are accused of amassing illegal gains by manipulating stock prices and selling convertible bonds, as well as establishing slush funds by extorting millions of dollars from firms founded under borrowed names. Some have proposed that Park’s decision was influenced by the fact that the Kang siblings deflected all responsibility for theft and stock price manipulation to others.
At this time, Bithumb has not released a statement on the matter and the investigation is ongoing. Further details regarding the case will be provided as they become available. Our thoughts and condolences go out to Park’s family and friends in this difficult time.
