Prosecutor Seeks 9 Years for Hancom Chairman's Son in Slush Fund Case

IconCryptoNewsTerminal Staff23 May, 2024

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Prosecutor Seeks 9 Years for Hancom Chairman's Son in Slush Fund Case

Seoul, South Korea - The prosecution has requested a nine-year prison term and a hefty fine for the second son of Hancom Group Chairman Kim Sang-cheol. The charges stem from allegations of creating and utilizing a slush fund worth approximately 90 billion won using virtual assets invested by an affiliate of Hangul and Computer Group, as reported by Yonhap News. The accused, along with ArowanaTech's head, A, are believed to have established the slush fund by selling a substantial number of Arowana tokens to a domestic virtual asset consulting firm. In return, they allegedly received around 8.03 billion won worth of cryptocurrency into their personal wallets, excluding commissions. Arowana Token, a virtual currency associated with Hancom Blockchain affiliate Hancom With, was delisted from domestic exchanges on August 9th, 2022. The prosecution's demand for a severe sentence reflects the seriousness of the charges against the Hancom chairman's son. The case highlights the growing concerns surrounding slush funds and the role of virtual assets in facilitating illicit financial activities.

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