An executive at a company closely associated with the cryptocurrency exchange Bithumb was discovered dead at his home on Friday while under investigation for embezzlement and stock market manipulation involving the chief of the firm’s parent company.
According to the Seoul Dongjak Police Station, Vident Vice President Park Mo was discovered dead in front of his home in Dongjak-gu, Seoul, around 4 a.m. on the 30th. The police estimate that Park committed suicide by jumping off a building.
According to Money Today, the vice president of Vidente, the largest shareholder of South Korean cryptocurrency exchange Bithumb, committed suicide by jumping off a building while being investigated by South Korean prosecutors, suspected of corruption and price manipulation.
— Wu Blockchain (@WuBlockchain) December 30, 2022
“Through optometric and CCTV analysis at the site, there is no other possibility so far.” Says a police official
Park was under investigation in connection with allegations that Kang Ji-Yeon, the CEO of kiosk supplier Inbiogen, which owns the majority stake in Vidente, and her brother Kang Jong-hyun conspired to steal corporate funds and manipulate stock prices.
Park was reportedly in charge of accounting for the siblings. In early October, prosecutors searched Vidente, Inbiogen, and other affiliates.
Park’s extreme choice is suspected to be the reason for the Kang siblings blaming him for the recent suspicions. The Kang siblings allegedly made illegal profits by manipulating stock prices and issuing convertible corporate bonds, then transferring the funds to shell companies.
Previously, on October 7th, the Seoul South District Prosecutor’s Office’s Financial Investigation Division 2 (Chief Prosecutor Chae Hee-man) seized and searched related companies such as Vident.
On the 16th of last month, an executive of a Bithumb affiliate was charged with destroying and concealing evidence. Vident, a KOSDAQ-listed company, is Bithumb Holdings’ largest shareholder, with a 34.22% stake.
