According to News 1, Hancom Group CEO Kim Sang-cheol faces charges for allegedly establishing a slush fund worth hundreds of billions of won using Arowana tokens. Hancom WITH, a blockchain subsidiary of Hancom Group, invested in Arowana tokens. Upon their initial listing on a domestic virtual asset exchange on April 20, 2021, Arowana token prices surged from 50 won to 53,800 won within 30 minutes. This rapid increase sparked suspicions of price manipulation. Prosecutors allege that Hancom used a series of shell companies to create the fund, which was then used to cover personal expenses and fund other ventures. Kim Sang-cheol has denied the allegations, claiming the fund was created for legitimate business purposes. The trial is ongoing, with the next hearing scheduled for later this year. This incident highlights the growing concerns over the potential for cryptocurrency manipulation and the need for robust regulations to prevent such abuses.