According to ChainCatcher, the prosecution has applied for an arrest warrant for Hancom Chairman Kim Sang-chul on suspicion of conspiring with subsidiary executives to use the subsidiary's virtual assets worth approximately 9.6 billion won (approximately US$6.95 million) without authorization.
Kim Sang-chul is suspected of leading the illegal fund-raising case of Arowana Token. Arowana Token is a cryptocurrency.
Arowana Token was listed on a South Korean virtual asset exchange on April 20, 2021. Within 30 minutes, the price soared from 50 won to 53,800 won, a 1,075-fold increase, raising suspicions of market manipulation. At the time, the circulation was 500 million.
