According to ChainCatcher, the prosecution has applied for an arrest warrant for Hancom Chairman Kim Sang-chul on suspicion of conspiring with the subsidiary's executives to use the subsidiary's virtual assets worth about 9.6 billion won without authorization. Prior to this, the police had applied for an arrest warrant for Chairman Kim on the 11th of this month.
Kim Sang-chul is suspected of leading the entire case of illegal fundraising by HancomWith internal director Kim Mo (35) using "Arowana Token", a cryptocurrency in which HancomWith, a blockchain-specialized company under Hancom Group, owns shares.
Arowana Token was first listed on a South Korean virtual asset exchange on April 20, 2021. Within 30 minutes of listing, its price soared 1,075 times from the initial 50 won to 53,800 won, raising suspicions of market manipulation. At the time, the circulation of Arowana tokens was 500 million.
