Resource: Adobe/Yeti Studio

The South Korean software program giant Hancom Group offers angrily dismissed reports that its chairman Kim Sang-cheol offers been operating the crypto slush fund, and may be the key owner of the token that has been listed in the Bithumb exchange only several weeks ago.

Social media marketing groups and some press outlets have highlighted a transcript allegedly offering Kim speaking about an organization called Arowana Tech, the developer of an altcoin called arowana token (ARW).

Arowana Tech received a big expenditure injection from the Hancom Team in April and contains been dealing with the groupings Hancom With affiliate marketer on blockchain-powered gold investing platform solutions. Furthermore in April, it seemed to have scored a significant coup when ARW has been listed on Bithumb, at first at a cost of around USD 0.04 per token, but increasing to nearly USD 46 within a few minutes of the listing.

However the transcript, which was released by the main network Television station JTBC amongst others, seemed to feature a discussion including Kim.

Per Paxnet, in addition to Asia Kyungjae, Kim reportedly mentioned I personal Arowana. Thats just how it really is. He also seemed to say a slush fund, or perhaps a reserve of cash useful for illicit purposes, have been created that offered 5 million [possibly KRW] to 10 visitors to discuss ways to earn money.

Hancom has released several statements on the problem since, denying that Kim owns Arowana and declaring that the CEO acquired simply made an unhealthy selection of words. Another declaration claimed that the transcript presented distortions.


Hancom, a publicly listed company, furthermore denied monetary irregularities and additional that Kim had designed to talk about cash assets, not just a slush fund, including that the CEO acquired simply utilized an improper expression.

Regardless, Bithumb provides responded by earmarking the token for feasible delisting and contains suspended investing in ARW although it conducts a study.

The swap posted on its internet site, writing:

Mass media reports on issues that could have a negative effect on [ARW] have been released, and the contents of the reports are being examined with the [token operator.

Bithumb additional that it would revise with the findings of its statement, and its own decision on whether to delist the token, in the week starting November 22.

Hancom provides threatened ahead down tough on the alleged whistleblower who seems to have taped a private discussion and leaked it to the push.

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