VP of Bithumb Division Found Dead, Investigation Ongoing

• A vice president of Vident, a division of the virtual currency exchange Bithumb, was found dead in front of his residence in Seoul, South Korea.
• South Korean investigators are looking into the management of Bithumb for alleged fraud and stock price manipulation.
• The cause of death is currently unknown and authorities are conducting an investigation to determine the circumstances surrounding the incident.

Today, tragedy struck in South Korea as Mr. Park Mo, a vice president of Vident, a division of the virtual currency exchange Bithumb, was discovered dead in front of his residence in Dongjak-gu, Seoul. South Korean investigators are looking into the management of Bithumb for alleged fraud and stock price manipulation and are currently trying to piece together the circumstances surrounding the incident.

Mr. Park Mo was a major shareholder of Bithumb and his death has sparked a great deal of speculation among the local news outlets. Money Today reported that optometric and CCTV analysis at the scene have indicated that there is no other possibility than that the death was a suicide. The police statement has further fuelled suspicions concerning the Kang siblings, who are accused of illicit gains by manipulating stock prices and selling convertible bonds, as well as setting up slush funds by extorting money from companies founded under borrowed names.

The investigation is still ongoing and it is too early to jump to any conclusions. However, it may be that Mr. Park Mo was influenced by the Kang siblings deflecting all responsibility for theft and stock price manipulation to others. Bithumb has yet to release an official statement regarding the matter.

As more details become available, it is hoped that the truth behind Mr. Park Mo’s death will be uncovered. In the meantime, speculation regarding the Kang siblings’ involvement will likely continue to run rampant.