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Bithumb’s largest shareholder executive found dead following allegations of embezzlement

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Bithumb’s largest shareholder executive found dead following allegations of embezzlement

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South Korean Exchange Bithumb’s Largest Shareholder Executive Found Dead

The body of South Korean exchange Bithumb’s largest shareholder and executive, Je-Seong Kim, was found in a ditch near the Gimpo Rakwon Technology Industrial Complex on June 18, 2020.

Kim had been missing since the night of June 4th. Family members made a police report minutes after he had supposedly gone missing and the police had been working on the investigation since then.

Background of The Story

Just a few days before his disappearance, Kim had been accused of embezzling funds from Bithumb and its sister platform, Memories Inc., which he had been managing since 2017. There were reports of him being investigated and people speculating that it might have been linked to his death.

Reactions on Social Media

Following the news of Kim’s death, there was a lot of confusion and shock amongst the cryptocurrency community. Many were concerned, expressing their condolences and offered support in helping to put the pieces together.

Controversies and Rumours

The police have yet to announce a conclusion regarding the case, but speculations immediately began circulating online that the death of the executive has something to do with the alleged embezzlement.

However, Bithumb had released a statement that the deceased was not an owner or a major shareholder of the company and therefore, the company could not comment further on the matter.

Conclusion

At this point, we can only speculate on the reasons behind Kim’s death. Although some speculations have arisen, there is no evidence or official confirmation regarding the connection between the allegations of embezzlement and his death.

The police are still investigating the case and are yet to make a statement on the matter. Till then, we can only wait for more information and hope that the police will be able to bring justice to the deceased and his family.

On June 22nd, Chris Kim, the chief executive officer and the largest shareholder in South Korean cryptocurrency exchange Bithumb was found dead in his apartment.

The news, first reported by the Korea Herald and corroborated by MarTech Series, come in the wake of allegations that Mr. Kim had embezzled $25 million worth of the cryptocurrency.

The 47-year-old executive had previously been missing since June 18th and was last seen leaving his office in Seoul.

Mr. Kim was found lying face down in his bedroom, having sustained wounds to his arm. Police believe that Mr. Kim has taken his own life after suffering from depression in the wake of the recent allegations made against him.

The police have launched an investigation into the incident and an autopsy will be conducted soon. Meanwhile, Bithumb has released a statement expressing shock and sorrow over the news and offering their condolences to the Kim family.

The exchange has confirmed that their services remain unaffected, with a spokesman saying “business continues as usual”.

It is yet to be seen how this incident will affect the future of Bithumb and the cryptocurrency industry as a whole. With the growing prevalence of thefts, scams, and financial crimes tied to digital assets, it is becoming increasingly clear that authorities and exchanges need to take a more responsible approach to regulating the sector.

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