South Korean entertainment and crypto worlds rocked by Bithumb ‘Boss’-Park Min Young Revelations

-Crypto exchange Bithumb’s main shareholder Kang Jong-hyun allegedly has “connections” with gangsters

-Representatives for Park Min-young, the actress he appears to have dated, now say she has broken up with him

-Park’s older sister is listed as a director in one of the companies Kang allegedly owns

-The companies he appears to own are registered in his younger sister’s name

-Bithumb’s ownership structure is shrouded in mystery

It’s a story that has sent shockwaves through both the South Korean entertainment world and the crypto industry – with claims that the mysterious major shareholder of crypto exchange Bithumb has been dating one of the country’s leading actresses. But while this news may be sensational enough, the media outlet that broke the story has also alleged that the shareholder has “gangster connections.”

The story was broken by Dispatch, a media outlet notorious for uncovering public and celebrity scandals. And while the headlines initially focused on the actress – Park Min-young – the story has quickly turned to the shareholder, Kang Jong-hyun.

Kang has been trying to sell his stake in Bithumb for a long time, but has yet to find a suitable buyer – despite reported interest from gaming giant Nexon and US-based crypto exchange FTX.

Dispatch followed Kang for two months, took pictures of both him and Park, and made the following “revelations” about the Bithumb shareholder:

• Kang’s business card refers to him as the chairman of Vidente, a publicly traded company that owns a large share of Bithumb’s shares. He is also listed as the CEO of the other two listed firms (INBIOGEN and Bucket STUDIO), as well as Bithumb affiliate Bithumb&LIVE.
• But when the media contacted these companies, they claimed not to know who he was. There is no public record of Kang’s involvement with any of these firms. However, his younger sister is reportedly listed as the CEO of these companies. His younger sister also appears to be a Bithumb shareholder.
• Kang’s home, eight luxury cars (including a Lamborghini, a Bentley and a Rolls Royce), and his private golf course are registered in people’s names.
• Anonymous sources stated that Kang effectively dropped off the radar between 2016 and 2020. One of these sources alleged that Kang had connections with “gangsters” in the South Korean city of Seongnam. They also stated that Kang had “done something” in Pattaya, Thailand, but declined to elaborate further.
• Kang reportedly has close ties to a company called Chorokbaem Media, which bought Park Min-young’s talent agency, Hook Entertainment, in an M&A deal. Park, Dispatch wrote in a separate report, terminated her contract with another agency — Namoo Actors — in December 2021 before signing with Hook. She was photographed getting in and out of Kang’s various cars.
• Park’s older sister was listed as “non-director” at INBIOGEN. Park’s talent agency today issued a statement, Newsis reported, claiming that Park’s older sister has now stepped down from the role.
• Hook Entertainment claimed today that Park has “broken up with the person named in the dating rumors.” The firm stated that it was “completely untrue” that she had received “significant financial benefits from” Kang. Hook added, “Ms. Park will be more careful about her actions, as well as her family and everyone else associated with her. She will show responsibility as an actress and as a public figure.”
• Kang has previously been charged with fraud and falsification of official documents. He was sentenced to prison for his crimes in 2016, and an unnamed person claims Kang owes them $8.3 million.
• He emerged from obscurity in 2020, the year when, Dispatch stated, he not only de facto acquired a controlling stake in Bithumb, but also Vidente, INBIOGEN and Bucket STUDIO.
• In crypto circles, Kang is referred to as a “hidden chairman of Bithumb” – due to the fact that he keeps a notoriously low profile and prefers to keep his name out of business-related operations.