TechFlow news: The son of Korean chairman Kim Sang-chul has been detained and transferred to court on suspicion of raising funds through virtual assets. He is accused of creating a fund worth 9 billion South Korean won using the cryptocurrency ARW. This fund invested in Hancomwith, a blockchain company affiliated with Hancom.
According to prosecutors, from December 2021 to June last year, they commissioned a South Korean virtual asset consulting firm to sell 14,571,344 ARW tokens, transferring approximately 8.03 billion won worth of Ethereum (ETH) and Bitcoin (BTC) into Kim's personal digital asset wallet after deducting fees.
In addition, in March last year, the company requested an overseas digital asset-related company to manage and sell 4 million ARW tokens, receiving digital assets worth 1.57 billion won into Kim's personal wallet from this transaction.
