The owner of South Korea’s largest cryptocurrency exchange Bithumb, Kang Jong-hyun, has been arrested on multiple charges including dereliction of duty, market manipulation and fraudulent transactions, Cointelegraph writes.

Kang Jong-hyun, 41, is the older brother of Kang Ji-yong, the head of Inbiogen, a Bithumb subsidiary that holds the largest stake in Vidente Vidente, Bithumb’s largest shareholder with a 34.2% stake.

According to prosecutors, the brothers conspired to misappropriate corporate funds and manipulate the share prices of Inbiogen and video production company Bucket Studio by issuing convertible bonds.

Kang Ji-Eun apologized to shareholders and said the claims against his brother have not yet been confirmed, but he will cooperate with authorities in the investigation.

South Korea’s National Tax Service agency launched an investigation into South Korea’s largest cryptocurrency exchange in early January. Investigators searched Bithumb’s headquarters in Seoul as part of the tax investigation.

In late December, Bithumb’s largest shareholder, Park Mo, was found dead in front of his own home: he was also the subject of an investigation amid allegations of embezzlement and market manipulation. It was suspected that Pak Mo committed suicide because of the allegations against him.

Bithumb’s trading volume per day is $370 million. The exchange offers 191 coins and 287 trading currency pairs, the most popular of which is BTC/KRW.