The South Korean prosecution has applied for an arrest warrant for Hancom's chairman on suspicion of raising illegal funds using virtual currency

ChainCatcher news reports that the prosecution has applied for an arrest warrant for Hancom Chairman Kim Sang-cheol on suspicion of conspiring with executives of a subsidiary to unlawfully use virtual assets valued at approximately 9.6 billion Korean won (about 6.95 million USD).

Kim Sang-cheol is suspected of leading the entire case of illegal fundraising involving the "Arowana Token." Arowana Token is a cryptocurrency.

Arowana Token was first listed on a virtual asset exchange in South Korea on April 20, 2021. Within 30 minutes of its listing, its price skyrocketed from the initial 50 won to 53,800 won, a 1,075-fold increase, raising suspicions of market manipulation. At that time, the circulating supply of Arowana Token was 500 million tokens.