ancom With, Hancom's blockchain subsidiary, had invested in Arowana Tech, the Arowana token's issuer, even before its April 2021 listing on the local exchange Bithumb. Hancom and the platform developed a mobile application that would allow users to buy gold using a digital voucher.

According to multiple local media reports, the price soared as a result of manipulating the price after consulting Bithumb to determine a specific listing schedule. While Hancom, Arowana, and Bithumb have all denied the allegations, Kim is being investigated by local police on embezzlement charges.

Local news outlet JTBC also published a report in October 2021 that included a recording of Hancom chair Kim reportedly giving instructions on how to set up a slush fund and claiming that he owns Arowana through a back-door contract. The platform issued a statement claiming that the informant maliciously edited the recording.

Earlier this month, a parliamentary audit by lawmakers at the National Assembly resurrected former Bithumb chairman Lee Jung-hoon to give evidence on the allegations. While Lee did not attend the auditing session, he has been awakened to appear before lawmakers again next week.

South Korea's parliamentary audit is an annual celebration in which legislators question respective government department heads and relevant witnesses to investigate the presidential administration and government entities.

What do you think of Hancom's alleged use of a token Arowana and slush fund? Drop your comments by sharing this article online.

Oct 21, 2022
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