Son of Hancom chairman: Suspected of using virtual currency to set up 9.6 billion won fund
The son of South Korean Chairman Kim Sang-cheol has been detained and handed over to the court on suspicion of raising funds using virtual assets. He is accused of creating a fund worth 9 billion Korean won using the virtual currency ARW. The fund invested in Hancomwith, a blockchain company and subsidiary of Hancom.According to prosecutors, from December 2021 to June of last year, they commissioned a South Korean virtual asset consulting company to sell 14,571,344 ARW and transferred approximately 8.03 billion Korean won worth of Ethereum (ETH) and Bitcoin (BTC) to Kim's personal digital asset wallet after deducting fees.In addition, in March of last year, the company requested an overseas digital asset-related company to manage and sell 4 million ARW, and received digital assets worth 1.57 billion Korean won from the operation into Kim's personal wallet.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
MoonPay Buys Helio Pay for $175M
MoonPay, a leading bridge between traditional finance and decentralized finance (DeFi), has acquired Helio Pay for a whopping $175 million
Meta Advised to Bet on Bitcoin for Inflation Hedge
Meta, the tech giant behind Facebook, Instagram, and WhatsApp, has been advised to consider Bitcoin as part of its financial strategy
0G Labs and Alibaba Cloud Boost Decentralized AI in APAC
The future of decentralized AI and Web3 innovation is taking a giant leap forward
Sony Launches Soneium Mainnet for Global Creators
Sony Block Solutions Labs (Sony BSL), a part of the Sony Group, has officially launched the Soneium Mainnet