[Alpha Biz=(Chicago) Reporter Kim Jisun] A police investigation is in full swing into Hangeul and Computer Chairman Kim Sang-chul, who is suspected of creating slush funds through cryptocurrency Arowana Token.

According to the industry on the 19th, the Gyeonggi Nambu Provincial Police Agency's anti-corruption and economic crime investigation team summoned Lee, chief of staff of Hancom Group, as a suspect in connection with the recent Arowa Token slush fund case.

Lee, who has assisted Chairman Kim for the past decade or so under the title of director inside Hancom, is cited as the core of the case. Based on the results of the seizure search and analysis of accounts in July and August last year, police reportedly focused on suspicions that Chairman Kim was the real owner of Arowana Token and whether there was an order in the process of creating slush funds.

Arowana Token surged shortly after it was listed on the local virtual asset exchange Bithumb on April 20, 2021, as news of its investment in Hancom, an affiliate of Hancom. In 30 minutes, the price per coin soared 1,075 times from 50 won to 53,800 won. Since then, prices have plummeted, raising suspicions among investors of manipulation of market prices by certain forces.

 

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