CandleFocus Hancom Chairman Faces Crypto Fraud Probe in South Korea
2024-10-04
Author: Content Editor
Chairman Kim Sang-cheol of software company Hancom Group is being investigated for allegedly accumulating illicit funds using Arowana (ARW) tokens. This follows a series of investigations and raids that began in 2021. The Arowana token is linked to Hancom With, a blockchain subsidiary of Hancom Group, and reports suggest that the firm has heavily invested in Arowana. The token experienced a drastic price increase on its launch on the South Korean exchange Bithumb, which has raised concerns about market manipulation. Kim has also been accused of embezzling funds through the token. Leaked phone calls allegedly revealed his involvement in a secret slush fund, although Arowana denies these allegations. The investigation is ongoing as South Korea strengthens its regulatory framework, including passing its first user protection law. The country's Financial Supervisory Service (FSS) plans to implement stringent regulations to combat crypto threats. Additionally, the Financial Services Commission (FSC) has authorized the Digital Asset Protection Foundation to safeguard customers' assets. This foundation will ensure the return of assets to customers even in the event of an exchange collapse.
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