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Kang Jong-hyun, who is accused of manipulating the stock prices of affiliates of Bithumb, a virtual currency exchange, and embezzling money from the company, received a substantive review for an arrest warrant.

Prosecutors suspect that Kang actually owns affiliated companies and was directly involved in their management.



Reporter Kim Deok-hyun covered the story.



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Kang Jong-hyun, holding a bundle of documents, came to the courthouse for interrogation before arrest.



[Kang Jong-hyun/Businessman: (Why did you refuse to comply with the summons? Do you admit to the charge of stock price manipulation?) I will do my best.

(Did you direct the destruction of evidence?) No.

No.]



Last month, the prosecution requested an arrest warrant for Mr. Kang on charges of embezzling money from affiliates of Bithumb, a virtual currency exchange, and manipulating stock prices.



The court unusually gave Mr. Kang a week to prepare for the interrogation, but Mr. Kang is known to have denied the charges, saying that he did not intervene in the execution of funds in court.



However, as a result of the SBS coverage, the prosecution believes that the public announcement made by Bithumb's core affiliates in July of last year was made under the direction of Mr. Kang.



This public announcement contains favorable information that a US virtual currency exchange that attempted to acquire Bithumb at the time is continuing discussions with Bithumb's core affiliates.



The prosecution is said to have secured evidence that Mr. Kang, who planned to raise the company's stock price after the disclosure and exercise the conversion right to increase profits, led the false disclosure.



Prosecutors believe that Kang directly intervened in the management of Bithumb's affiliates and took unfair advantage based on favorable public disclosure.



Whether or not to arrest Kang will be decided late at night today (the 1st), and if a warrant is issued, the investigation into all of Bithumb's affiliates is expected to speed up.



(Video coverage: Kim Nam-seong, video editing: Lee Seung-hee)