Software Titan Hancom denies that its CEO has a “Crypto Slush Fund”

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Source: Adobe / Yeti Studio

The South Korean software giant Hancom Group angrily dismissed reports that its chairman Kim Sang-cheol operates a “crypto slush fund” and is the secret owner of a token that appeared on the Bithumb exchange a few months ago.

Social media groups and some outlets featured a transcript featuring Kim talking about a company named Arowana technology, the developer of an altcoin called arowana token (ARW).

Arowana Tech received a large investment injection from the Hancom group in April and worked with the group Hancom with affiliate on blockchain based gold trading platform solutions. Also in April, it appears to have marked a major blow when ARW was listed on Bithumb, initially priced at around $ 0.04 per token, but reaching nearly $ 46 within minutes of listing.

But the transcript, which was posted on the main JTBC network television station among others, appeared to feature a conversation involving Kim.

Through Paxnet, as good as Asia Kyungjae, Kim reportedly said, “I own Arowana. It is like that. “He also appeared to say that a” slush fund “, or a reserve of money used for illicit purposes, had been created which” gave $ 5 million. [possibly KRW] to 10 people to discuss ways to make money.

Hancom has issued a number of statements about it since, denying that Kim owns Arowana and claiming the CEO simply made a “wrong choice of words.” Another statement claimed that the transcript contained “distortions”.

Hancom, a publicly traded company, also denied the financial irregularities and added that Kim meant to speak of “cash” assets, not “slush”, adding that the CEO had simply used an inappropriate phrase.

Either way, Bithumb responded by assigning the token for possible delisting and suspended trading in ARW while he investigates.

The exchange posted on its website, writing:

“The media report on issues that may have a negative impact on [ARW] have been published, and the content of these reports is being verified with the[tokenoperator”[opérateurdejeton »[tokenoperator”

Bithumb added that he would update the findings of his report and his decision whether or not to remove the token from the list during the week starting November 22.

Hancom threatened to lash out at the alleged whistleblower who appears to have recorded a private conversation and leaked it to the press.

A Hancom official reportedly said he had appointed a lawyer to press charges against the person who “leaked the transcript for attempted blackmail”.
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