Source: Adobe/Yeti Studio

The South Korean software application giant Hancom Group has actually madly dismissed reports that its chairman Kim Sang-cheol has actually been running a “crypto slush fund,” and is the secret owner of a token that was noted on the Bithumb exchange simply months back.

Social media groups and some media outlets have actually included a records supposedly including Kim discussing a business called Arowana Tech, the designer of an altcoin called arowana token (ARW).

Arowana Tech got a big financial investment injection from the Hancom Group in April and has actually been dealing with the group’s Hancom With affiliate on blockchain-powered gold trading platform options. In April, it appeared to have actually scored a significant coup when ARW was noted on Bithumb, at first at a cost of around USD 0.04 per token, however increasing to nearly USD 46 within minutes of the listing.

But the records, which was released by the significant network television station JTBC to name a few, appeared to include a discussion including Kim.

Per Paxnet, along with Asia Kyungjae, Kim apparently stated “I own Arowana. That’s the method it is.” He likewise appeared to state that a “slush fund,” or a reserve of cash utilized for illegal functions, had actually been produced that “offered 5 million [possibly KRW] to 10 individuals to talk about methods to earn money.”

Hancom has actually provided a variety of declarations on the matter because, rejecting that Kim owns Arowana and declaring that the CEO had actually just made a “bad option of words.” Another declaration declared that the records included “distortions.”

Hancom, an openly noted business, likewise rejected monetary abnormalities and included that Kim had actually suggested to mention “money” properties, not a “slush fund,” including that the CEO had actually merely utilized an inappropriate expression.

Regardless, Bithumb has actually reacted by allocating the token for possible delisting and has actually suspended trading in ARW while it performs an examination.

The exchange published on its site, composing:

” Media reports on matters that might have an unfavorable effect on [ARW] have actually been released, and the contents of these reports are being consulted the [token operator.”

Bithumb included that it would upgrade with the findings of its report, and its choice on whether to delist the token, in the week starting November 22.

Hancom has actually threatened to come down hard on the supposed whistleblower who appears to have actually taped a personal discussion and dripped it to journalism.


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