Hancom Scion Released on Bail in South Korean ‘Crypto Slush Fund’ Probe
A South Korean court has released the son of software giant Hancom Group’s Chairman on bail as prosecutors continue to probe an alleged “crypto slush fund.”
Officials have been investigating allegations since 2021, when reports began surfacing surrounding the Hancom Group Chairman Kim Sang-cheol.
Kim Sang-cheol, prosecutors think, may be the “secret owner” of an altcoin named Arowana (ARW). The coin is supposedly the brainchild of a firm named Arowana Tech.
It was listed on the Bithumb exchange in mid-2021, but has since been delisted.
Hancom is best known in South Korea as the developer of Hancom Office, a widely used suite of word processors, spreadsheets, and presentation software.
The office suite was first released in 2001. It has since become a mainstay in the South Korean corporate world.
Per Yonhap, the Criminal Division of the Seongnam Branch of the Suwon District Court arrested and indicted Kim’s 35-year-old second son.
The younger Kim will be tried on charges of violations of the Act on the Aggravated Punishment of Specific Economic Crimes and breach of trust.
The court has also decided to grant bail to an individual surnamed Jeong (47 years old). Jeong was described as the CEO of Arowana Tech.
Police arrested the younger Kim on December 5, and held him in custody for 111 days later. Prosecutors expressed their concerns about the suspects’ flight risk.
But the court eventually decided to grant bail at just under $375,000.
The court also imposed restrictions on both the younger Kim and Jeong’s residence and movements ahead of the trial.
Prosecutors think that “from December 2021 to June 2023,” the younger Kim and Jeong enlisted the aid of a “domestic virtual asset consulting company.”
The prosecution said that the duo
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