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South Korean authorities have arrested former Bithumb chairman, Kang Jong-Hyun, on charges of embezzlement and market manipulation. Prosecutors allege he conspired with a business partner to steal $49 million from the company. The arrest is unrelated to a separate probe into possible tax evasion at Bithumb. Bithumb has faced a number of legal issues over the years, including a previous fraud charge against another former chairman which was dismissed. The company was also reportedly on FTX founder Sam Bankman-Fried’s shopping list, though no deal was ever announced.