Exec Found Dead: Cryptocurrency Exchange Bithumb Executive Allegedly Commits Suicide

• An executive of the largest shareholder of cryptocurrency exchange Bithumb was found dead outside his home.
• He allegedly committed suicide by jumping off a building while under investigation by Korean prosecutors for embezzlement and stock market manipulation.
• The Seoul Southern District Prosecutor’s Office launched a full-fledged investigation into the case in October last year and raided three firms allegedly connected to Bithumb.

A tragedy unfolded in the South Korean capital of Seoul recently, where an executive linked to the largest shareholder of cryptocurrency exchange Bithumb was found dead outside his home. The executive, surnamed Park, was the vice president of KOSDAQ-listed broadcast equipment supplier Vidente Co., and was the largest shareholder of Bithumb Holdings Co. that controls South Korea’s largest cryptocurrency exchange.

Park had been allegedly under investigation by Korean prosecutors for embezzlement and stock market manipulation and had been accused of involvement in a scheme with Kang Ji-yeon, head of the kiosk supplier Inbiogen, and her brother Kang Jong-hyun. It is believed that Park was put in charge of accounting by the siblings, who were accused of colluding to embezzle corporate funds and manipulate stock prices.

In October last year, the Seoul Southern District Prosecutor’s Office launched a full-fledged investigation into the case and raided three firms allegedly connected to Bithumb: Vidente, Inbiogen, and Bucket Studio. It was at this time that Park was found dead outside his home. It is believed that he committed suicide by jumping off a building and it is likely that the case against him will now be terminated due to his death.

Meanwhile, Vidente had also announced in July last year that it was holding talks about selling its stake in Bithumb to FTX, but no deal had been reached at the time of Park’s death. The exchange has since encountered several difficulties, including a massive security breach in 2019 and the suspension of trading in June 2020.

Park’s death is a tragedy that has sent shockwaves across the cryptocurrency community, and his case highlights the risk of being involved in the industry.