South Korean prosecutors have begun investigating the former chairman of Kakao and Klaytn-related executives on charges of corruption and embezzlement of public funds.

Odaily Planet Daily News South Korean prosecutors have begun a comprehensive investigation into the alleged misappropriation of virtual currency and breach of trust by former Kakao chairman Kim Bum-so and executives of affiliated company Klaytn, and conducted the first plaintiff investigation on October 11. The prosecutor asked the plaintiff in detail on the same day about the facts, legal background and amount of damages of the main accusation. Prosecutors also allegedly asked the plaintiffs to submit additional data regarding details of cryptocurrency Klay transactions by executives of Kakao-affiliated companies. (Yonhap News Agency) It was previously reported that the South Korean civil society "Economic Democracy 21" filed a complaint with the Seoul Southern District Prosecutor's Office where the Virtual Asset Crime Joint Investigation Team is located, accusing former Kakao Chairman Kim Bum-so and executives of Klaytn affiliated companies of violating the "Specified Economic Crimes" (Corruption and Misappropriation of Public Funds) Act, and violated the Capital Markets Act.