Hancom Chairman Faces Crypto Fraud Probe in South Korea
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- Hancom Group Chairman Kim Sang-cheol faces increased scrutiny over market manipulation allegations.
- Kim has been referred to South Korean prosecutors following a series of investigations and raids that began in 2021.
- Reports revealed Kim’s involvement in setting up a secret slush fund.
Software company Hancom Group Chairman Kim Sang-cheol is under investigation for allegedly amassing illicit funds worth tens of billions of Korean won using Arowana (ARW) tokens. South Korean prosecutors are now reviewing the case following a series of investigations and raids that began in 2021.
The Arowana token is linked to Hancom With, a blockchain subsidiary of the Hancom Group. Reports indicate the blockchain firm has significantly invested in Arowana. The token launched on the South Korean crypto exchange Bithumb on April 20, 2021. Within 30 minutes, the ARW price soared from 50 won to 53,800 won, a 1,075-fold jump.
Market Manipulation Concerns and Allegations
The staggering rise of the token has raised concerns about market manipulation. Although Hancom, Arowana, and Bithumb denied the allegations, local police launched an investigation. Additionally, Kim was ac…
The post Hancom Chairman Faces Crypto Fraud Probe in South Korea appeared first on Coin Edition.
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