The South Korean prosecution has applied for an arrest warrant for Hancom's chairman on suspicion of raising illegal funds using virtual currency

2024-07-17 11:13:05

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ChainCatcher news reports that the prosecution has applied for an arrest warrant for Hancom Chairman Kim Sang-cheol on suspicion of conspiring with executives of a subsidiary to unlawfully use virtual assets valued at approximately 9.6 billion Korean won (about 6.95 million USD).

Kim Sang-cheol is suspected of leading the entire case of illegal fundraising involving the "Arowana Token." Arowana Token is a cryptocurrency.

Arowana Token was first listed on a virtual asset exchange in South Korea on April 20, 2021. Within 30 minutes of its listing, its price skyrocketed from the initial 50 won to 53,800 won, a 1,075-fold increase, raising suspicions of market manipulation. At that time, the circulating supply of Arowana Token was 500 million tokens.

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