Bullet Points:
• Mr. Park Mo, the vice president of Vidente and largest shareholder of South Korean cryptocurrency exchange Bithumb, was found dead in front of his home.
• An investigation had been launched against him for embezzlement and stock price manipulation.
• It is suspected that Mr. Mo may have taken his own life due to the nature of the criminal allegations that had been brought against him.
On the morning of Dec. 30, a tragic event unfolded in South Korea. Mr. Park Mo, the vice president of Vidente – the largest shareholder of the South Korean cryptocurrency exchange Bithumb – was found dead in front of his home. An investigation had been launched against Mr. Mo by the Financial Investigation Division of the Seoul Southern District Prosecutor’s Office earlier in October 2021, due to allegations of embezzlement and stock price manipulation.
The investigation had led to the seizing of Bithumb-affiliated companies such as Vident, Inbiogen and Bucket Studio. Vident, a KOSDAQ-listed company, is known to be Bithumb’s largest shareholder and holds a 34.22% stake in the cryptocurrency exchange. Many believe that Mr. Mo may have taken his own life due to the nature of the criminal allegations that had been brought against him.
The news of Mr. Mo’s death has been met with shock and sadness across the cryptocurrency industry in South Korea. Wu Blockchain, a cryptocurrency news outlet, tweeted about the death, saying “The vice president of Vidente, the largest shareholder of South Korean cryptocurrency exchange Bithumb, committed suicide by jumping off a building while being investigated by South Korean prosecutors, suspected of corruption and price manipulation.”
The death of Mr. Mo is a tragedy and a reminder of the risks associated with cryptocurrency trading. It is also a reminder of the importance of due diligence and compliance with all applicable laws and regulations. We extend our deepest sympathies to Mr. Mo’s family and friends in this difficult time.