South Korean Biz Exec Bailed as ‘Bithumb Market Manipulation’ Probe Continues
A South Korean court has released a media mogul and business executive on bail as a probe into market manipulation and insider trading at the crypto exchange Bithumb continues.
The executive, Won Young-sik, is the former CEO of Chorokbaem Group, the parent firm of Chorokbaem Media.
The latter is one of South Korea’s most notable production companies.
The firm is responsible for hit Korean dramas such as The Penthouse and variety TV titles like K-pop Star.
Per KBS News, Won was ordered to pay a deposit of $232,000 and wear an electronic tag.
The court has also forbidden Won from leaving the country, destroying evidence, and contacting anyone concerned with the probe.
The court also told Won that he would be taken back into custody if he failed to attend further court hearings.
Last year, Won found himself embroiled in allegations of wrong-doings at Bithumb, South Korea’s second-biggest exchange by trading volume.
An exposé published in September 2022 alleged that a mysterious and elusive businessman named Kang Jong-hyun was the true owner of Bithumb.
Kang allegedly owns controlling shares of several firms with minority stakes in Bithumb.
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