- VP of Vidente, the largest shareholder of South Korean cryptocurrency exchange Bithumb, Park Mo committed suicide.
- Mo was found dead in front of his home at 4 am, on the morning of Dec. 30
- Mo was being investigated for involvement in the embezzlement and stock manipulation charges by South Korean authorities.
- Bithumb is a part of the Digital Asset eXchange Alliance (DAXA) along with Upbit, Coineone, Korbit, and Gopax.
For almost ten years, the crypto market had next to no regulations as financial agencies and governments did not expect the industry to grow to such an extent and even touch the $3 trillion dollar value. However, the 2021 bull run put these blockchain-based assets on the map, and as a result, authorities launched a probe into the Vice President of Vidente, the largest shareholder of South Korean cryptocurrency exchange Bithumb, Park Mo.
As per local media reports, Mo was found dead in front of his home at 4 am, on the morning of Dec. 30, and the cause of death seems to be suicide. The Vidente executive was being investigated as a primary suspect for his involvement in the embezzlement of money at companies related to Bithumb and manipulation of stock prices. While the charges were yet to be confirmed, Mo’s body was found not even a week after Christmas.
It is important to note that the Financial Investigation Division of the Seoul Southern District Prosecutor’s Office was responsible for the investigation in Mo’s involvement in the embezzlement and stock manipulation charges. The authorities seized companies associated with Bithumb, such as Vidente, Inbiogen, and Bucket Studio.
Inbiogen operates in the footwear and accessories industry in South Korea, while Bucket Studio provides entertainment content. On the other hand, Vidente develops, manufactures, and sells HD video equipment for digital broadcasting. However, all these companies are associated with Bithumb, which is a part of the Digital Asset eXchange Alliance (DAXA) along with Upbit, Coineone, Korbit, and Gopax.
Furthermore, in the light of similar events, the former chairman of the South Korean crypto exchange, Lee Jung-hoon, is facing up to eight years of jail time for defrauding investors, as earlier reported by Bitnation.
Vidente, as mentioned above, is the largest shareholder in Bithumb and currently holds about 34.22% of the cryptocurrency exchange. Moreover, it is also listed on the Korean Securities Dealers Automated Quotations (KOSDAQ), which is a trading platform similar to its American counterpart NASDAQ.
Another crucial fact to note is that a reason for the VP of Vidente’s extreme decision could stem from the severity of the charges brought against him. Interestingly, the number of cases brought up against crypto players has surged recently as many entrepreneurs are being held responsible for the decisions that they have made and the manipulation of prices of crypto coins and misleading investors.
The number of deaths in the crypto industry has also surged recently, as it was recently reported that the co-founder of the cryptocurrency lending platform MakerDAO and the decentralized stablecoin DAI, Nikolai Mushegian, was found dead in Puerto Rico at the age of 29. On the other hand, the co-founder of crypto trading firm Amber Goup, Tiantian Kullander, was also found dead in his sleep at the age of 30, leaving behind a wife and son.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.