South Korea's corporate world is abuzz with the ongoing saga of Hancom Group, the software giant behind the ubiquitous Hancom Office suite. The company's chairman's son, recently released on bail, finds himself entangled in a crypto controversy involving a suspected "slush fund."

Arowana: The Coin at the Center of the Storm

Prosecutors suspect Kim Sang-cheol, the Hancom chairman, is the hidden owner of Arowana (ARW), a now-delisted altcoin launched by Arowana Tech in 2021. Hancom subsidiary, Hancom With, even invested in Arowana Tech, aiming to build a blockchain-based gold trading platform.

Following the Arowana Trail

Investigators believe the younger Kim, arrested in December 2023, and Jeong, CEO of Arowana Tech, allegedly used a domestic consulting firm to convert millions of ARW tokens into Ethereum and Bitcoin. These funds were then funneled to the younger Kim's digital wallet.

Further investigation suggests the duo even enlisted an "overseas crypto firm" to sell additional Arowana tokens, generating more crypto for the younger Kim.

Alleged Misuse of Funds: From NFTs to Credit Cards

Prosecutors suspect the younger Kim used these crypto funds for personal gain, including purchasing NFTs, trading, paying off credit card bills, and even department store shopping sprees.

Hancom Denies Involvement, But Questions Linger

A leaked transcript from October 2021 seemingly shows Kim Sang-cheol admitting ownership of Arowana Tech. However, Hancom has consistently refuted the transcript's legitimacy. Police raids on the chairman's home and Hancom offices in October 2022 further fueled the flames of suspicion.

The Trial Awaits: Will the Crypto Cobwebs Clear?

With the younger Kim released on bail, the trial will determine the truth behind the Arowana saga. Did Hancom executives exploit a crypto project for personal gain? Or are these allegations a mere web of misunderstandings? The South Korean court will have the final say.