A courtroom in Seoul became the latest chapter in one of South Korea’s most closely watched financial cases on September 18, when prosecutors asked for a lengthy prison sentence for businessman Kang Jong Hyun. The hearing brought together allegations of corporate fund embezzlement, disputed stock transactions, convertible bonds and an investigation that prosecutors say was complicated by alleged efforts to destroy evidence and help another person leave the country.

For Kang, the proceedings are also closely tied to a name already familiar to the public for a very different reason. His reported relationship with actress Park Min Young brought widespread attention to his background in 2022. Now, as the criminal case reaches its final trial hearing, prosecutors have described Kang as the principal figure while his defense continues to challenge major parts of the case.

More Legal Drama: Not every ongoing courtroom battle involves a solo career — some come with a contract dispute and a missed hearing attached. For more, read our report on EXO-CBX’s INB100 lawsuit taking a dramatic turn after the agency skipped a scheduled court date.

Kang Jong Hyun’s Bithumb-affiliate case reaches a critical courtroom moment

The final hearing took place before the Seoul Southern District Court’s Criminal Division 12, presided over by Chief Judge Park Jong Yeol. Kang appeared alongside five other defendants as prosecutors presented their requested sentences.

For Kang, the prosecution requested 20 years in prison, a 150 billion KRW fine and approximately 18.1 billion KRW in forfeiture.

Those numbers are significant, but they remain prosecution requests rather than a final punishment. The court has not yet issued its verdict or sentence.

Prosecutors described Kang as the principal offender and argued that his conduct warranted a particularly severe sentence. They pointed to what they characterized as his refusal to acknowledge the major offenses as well as alleged actions taken during the investigation.

“He is the principal offender in this case, yet he has not acknowledged the major offenses,” prosecutors said.

They also raised allegations concerning the handling of evidence and the movements of people connected to the investigation.

“His conduct is particularly serious, including instructing others to destroy evidence and flee during the investigation.”

Another Korean report similarly quoted prosecutors as saying Kang was the principal figure despite allegedly failing to acknowledge the offenses and that he had allegedly instructed employees to destroy evidence during the investigation.

More Health & Wellbeing Updates: Not all sudden absences from the spotlight come from courtrooms — sometimes it’s a health scare kept quiet until now. For more, check out our story on the neurological symptoms behind Lee Sang Soon’s sudden radio hiatus.

The main figures and requested sentences

The prosecution’s requests covered all six defendants:

Defendant	Role described in the case	Prosecutors’ requested sentence
Kang Jong Hyun	Businessman described by prosecutors as the principal offender	20 years in prison, 150 billion KRW fine, approximately 18.1 billion KRW forfeiture
Won Young Sik	Former chairman of Chorokbaem Group	15 years in prison, 30 billion KRW fine, approximately 2.4 billion KRW forfeiture
Kang Ji Yeon	Kang Jong Hyun’s younger sister and CEO of Bucket Studio	7 years in prison
Cho	CEO of an unlisted Bithumb affiliate	6 years in prison
Cho	Employee accused of acting under Kang’s instructions	5 years in prison
Kim	Employee accused of acting under Kang’s instructions	5 years in prison

Prosecutors cited factors including the alleged scale of the gains. In Won Young Sik’s case, they also cited alleged tax-related offenses.

Again, these figures represent prosecution requests and not final sentences.

More Idol Milestones and Records: A packed lineup and a chart-topping run prove that not every big number in K-pop news comes from a courtroom. For more, read our post on Jisoo’s “CLICK” seizing two No. 1 Hanteo spots in just three days.

The alleged 62.8 billion KRW embezzlement

Behind the courtroom numbers is an alleged flow of corporate money involving companies connected to Bithumb.

Prosecutors allege that Kang and associates diverted approximately 62.8 billion KRW from Bithumb-related companies between 2020 and September 2022.

The businesses named in the case include Bident, Inbiogen and Bucket Studio, which were connected through a corporate ownership structure surrounding Bithumb.

The prosecution’s allegations go beyond the alleged movement of company funds. Investigators also examined transactions involving company shares and convertible bonds, with prosecutors alleging that Kang and people around him used favorable information and CB transactions to influence stock prices and ultimately generate profits.

The alleged illicit gains from the stock transactions have been reported at approximately 35 billion KRW.

That means the case combines allegations of corporate-fund embezzlement with alleged violations of South Korea’s capital-markets laws involving fraudulent or deceptive trading.

More Comeback Buzz: Big financial numbers make headlines, but so do big anniversary tours with six-figure crowds. For more, dive into our coverage of BIGBANG’s 20th-anniversary “XX : COSMOS” world tour drawing over 100,000 fans with new music teased.

What prosecutors allege happened with Bident

One of the allegations previously raised by prosecutors involved Bident and an alleged false impression that the company was negotiating an acquisition by U.S. cryptocurrency exchange FTX.

According to the prosecution’s case, misinformation was allegedly circulated, after which approximately 3.4 million Bident shares were sold. Prosecutors have said the transactions generated roughly 8.4 billion KRW in alleged unfair gains.

Earlier reporting also examined the use of borrowed-name accounts and convertible bonds.

Dispatch reported in 2023 that it had obtained seven accounts allegedly held in other people’s names and examined transactions involving convertible bonds issued by companies connected to Kang.

Those reports became part of the broader investigation into the movement of funds and securities surrounding the Bithumb affiliates.

Prosecutors have also alleged breach of trust involving the transfer of call options at an undervalued price. They say the transaction caused financial losses to the relevant company.

More Controversy Watch: Public image can unravel fast once a livestream or leaked footage tells a different story than expected. For more, read our story on Choi Hyun Wook sparking fresh backlash after appearing intoxicated during a morning livestream.

Kang’s defense challenges the prosecution’s interpretation

While prosecutors have presented the case as a broad financial scheme, Kang’s legal team has disputed key elements of that interpretation.

During the final defense, his attorneys argued that the fraudulent and deceptive trading charge requires circumstances capable of misleading investors while threatening the fairness and credibility of the securities market.

The defense said prosecutors had not sufficiently established those requirements.

“The prosecution has lumped together a broad range of facts without properly addressing this,” Kang’s attorneys argued.

His lawyers also challenged the breach-of-trust allegations, maintaining that Kang did not have the necessary intent to commit the offense or obtain unlawful profits.

“Even if breach of trust were established, the Act on the Aggravated Punishment of Specific Economic Crimes cannot be applied,” the defense argued.

The defense further disputed the prosecution’s calculation of alleged financial damage. Kang’s attorneys argued that the amount could not be established with sufficient specificity and said experts and witnesses had questioned the prosecution’s method for calculating the alleged losses.

The competing arguments leave the court with two significantly different interpretations of the transactions and the alleged financial damage.

More Solo Journeys: Stepping away from a group narrative to tell your own story isn’t always simple — legally or musically. For more, check out our feature on EVAN finally explaining why he left ENHYPEN and the personal story behind “DEATH OF ME”.

Evidence-destruction allegations added another serious layer

The prosecution’s sentencing request also placed considerable weight on allegations surrounding the destruction or concealment of evidence.

Earlier in the case, prosecutors alleged that Kang instructed an executive at a Bithumb-related company to remove evidence that could establish his connection to the businesses.

According to prosecution allegations reported in 2023, the instructions included changing computer hard drives and dealing with CCTV-related material.

A separate executive at a Bithumb affiliate was convicted in 2023 over the destruction or concealment of company evidence. The Seoul Southern District Court found that the executive had replaced and disposed of computer hard drives, mobile phones and CCTV-related storage after reports about the investigation.

That executive initially received a one-year-six-month prison sentence.

The appellate court later reduced the sentence to one year, while noting that the executive had admitted the conduct, reflected on it and had acted under Kang’s direction.

Prosecutors have separately alleged that Kang instructed an employee who managed borrowed-name accounts to leave South Korea.

Reports from the investigation said the employee was allegedly provided money for an overseas departure and later received additional funds after an exit ban was imposed.

These allegations became an important part of prosecutors’ argument for a lengthy sentence, particularly their claims concerning alleged evidence destruction and assistance with flight.

More Longstanding Loyalty Stories: Not every long-running story involves an investigation — some are simply about staying put for nearly two decades. For more, read our post on Hyoyeon still living in Girls’ Generation’s dorm 19 years later as the group’s last remaining resident.

Why Park Min Young’s name remains part of the public story

The criminal proceedings have received additional attention because Kang was previously reported to have been in a relationship with actress Park Min Young.

Their relationship was reported in September 2022, when Dispatch published reports about Kang’s background and his connections to Bithumb-related businesses.

Dispatch later published additional reports examining alleged borrowed-name accounts, financial transactions and Kang’s business activities.

Park’s connection to the broader controversy has remained separate from the criminal allegations being tried against Kang. She was questioned by prosecutors as a witness in February 2023.

A later report in January 2024 raised allegations that 250 million KRW connected to a Bithumb-affiliated company had reached an account in Park’s name and described the money as living expenses.

Park’s agency, Hook Entertainment, rejected that characterization. The agency stated that Kang had used Park’s account under another name and that the money was not used as Park’s living expenses.

The agency stated:

“박민영 배우는 2023년 2월경 강종현씨가 박민영 배우의 계좌를 차명으로 사용한 사실과 관련하여 검찰에서 참고인 조사를 받았으며, 이를 통해 박민영 배우가 불법적인 일에 가담하거나 불법적인 이익을 얻은 사실이 없다는 점을 명백히 밝혔습니다.”

It also stated:

“기사에 언급된 2억 5,000만원 역시 강종현씨에 의하여 박민영 배우의 계좌가 사용된 것일 뿐 박민영 배우의 생활비로 사용된 것이 아닙니다.”

Park publicly responded to the controversy at the time, writing:

“Sick of it all”

She then expressed confidence that the truth would eventually be understood.

The distinction remains important. The prosecution’s criminal allegations in the current Bithumb-affiliate case concern Kang and the other defendants. Park was questioned as a witness, while the separate allegations involving her bank account were addressed publicly by her agency.

More Solo Era Announcements: Not every headline about an idol’s next chapter comes wrapped in controversy — some come as pure anticipation. For more, see our coverage of ITZY’s Chaeryeong going solo with JYP confirming a November 2026 debut.

Dispatch reporting helped bring Kang’s background into focus

The public story surrounding Kang expanded rapidly after Dispatch’s September 2022 reporting brought attention to his relationship with Park and his business background.

Subsequent Dispatch reports examined allegations concerning his past financial activities, private bonds, corporate transactions and possible no-money mergers and acquisitions.

Dispatch later reported obtaining seven borrowed-name bank accounts and identifying transactions it described as evidence of money laundering. Those reports became part of the wider public discussion surrounding the investigation.

Kang was arrested in February 2023.

The prosecution subsequently added allegations involving evidence destruction and assistance in another person’s flight.

From there, the case developed into a lengthy criminal proceeding involving allegations of embezzlement, breach of trust, fraudulent trading and related conduct.

More Anniversary Comebacks: While one story traces years of alleged financial maneuvering, another traces a decade of music history reaching a milestone. For more, read our feature on NCT 127’s “Blingy” marking a high-energy 10th-anniversary comeback.

What happens after the September 18 final hearing?

The September 18 proceeding was the final trial hearing, meaning prosecutors have now presented their requested sentences to the court.

But the most important legal step has not happened yet.

There is currently no final verdict or sentence for Kang Jong Hyun. The prosecution’s request for 20 years does not mean that Kang has been found guilty or that he will receive a 20-year sentence.

The Seoul Southern District Court will make the final decision after considering the evidence, arguments from both sides and the applicable law.

For now, the case stands at a stark point. Prosecutors have portrayed Kang as the central figure in allegations involving tens of billions of won, disputed securities transactions and alleged efforts to interfere with the investigation. His defense continues to challenge the prosecution’s interpretation of the transactions, the legal basis for several charges and the calculation of alleged financial damage.

More Festival Headliner Moments: While Seoul’s courts wait on a verdict, Las Vegas stages have already delivered their own showstopping finale. For more, check out our recap of BTS closing the 2026 iHeartRadio Music Festival with a fiery Las Vegas return alongside Cardi B and Muse.

Conclusion

The Kang Jong Hyun case has moved from a highly publicized business investigation to a final courtroom stage involving serious allegations and substantial sentencing requests. Prosecutors are seeking 20 years in prison, a 150 billion KRW fine and approximately 18.1 billion KRW in forfeiture, while the defense continues to reject key parts of the prosecution’s case.

The proceedings have also remained intertwined with Kang’s public association with Park Min Young, although her role in the separate controversy has been described as that of a witness rather than a defendant in the current criminal proceedings.

The September 18 hearing marked the end of the trial phase for arguments, but not the end of the case itself. The final judgment now rests with the Seoul Southern District Court.

Source and Research Disclaimer

This article has been prepared from the verified information and sources provided for this report, including Yonhap News, SBS, Dispatch, Newsis, Asia Business Daily and Hook Entertainment’s statement as reported by TenAsia. The article reflects the allegations, arguments, prosecution requests and statements contained in those materials and does not imply independent verification beyond the information supplied. A prosecution sentencing request is not a final court judgment, and allegations described in the proceedings should not be treated as established facts unless determined by the court.

Sources

• Yonhap News — Prosecutors seek 20-year sentence for Kang Jong Hyun
• SBS — Prosecutors seek 20-year prison term in Bithumb case
• Dispatch — Kang Jong Hyun Bithumb affiliate case and prosecution request
• Dispatch — Earlier reporting on Kang Jong Hyun’s borrowed-name accounts and convertible bonds
• Newsis — Evidence-destruction case involving a Bithumb-affiliated executive
• Asia Business Daily — Earlier prosecution allegations and Kang’s investigation
• TenAsia — Hook Entertainment statement on Park Min Young’s account allegation

Featured Image Credit:

• Instagram @rachel_mypark