Bithumb former chair Lee Jung-Hoon not guilty within the 1st instance

By Clark

The former chair was underneath allegations of $70 million in fraud charges that were said to have occurred throughout the acquisition of Bithumb.

Lee Jung-hoon, the previous chair of the South Korean cryptocurrency exchange Bithumb, was found acquitted on Jan. 3 by the 34 Division of the Criminal Agreement of the Seoul Central District Court.

Jung-Hoon was unproven underneath accusations of violating the Act on the Aggravated Penalty Of Specific Economic Crimes because of fraud.

The case has been ongoing since October 2018, once the previous chairman allegedly defrauded a hundred billion won ($70 million) throughout negotiations for the acquisition of Bithumb from Kim Byung-gun, chairman of the reconstructive surgery company BK Group.

Jung-hoon could’ve faced an  8-year sentence had he been found guilty. In line with the native press, in its official response to the ruling, Bithumb said it respects the court’s call.

The exchange additionally processed that it’s underneath “professional managers” and also the former chairman isn’t concerned in current operations.

Almost per week before the ruling, on Dec. 30 Bithumb’s largest investor govt Park Mo was found dead once he received allegations of misapplication and manipulation of stock costs.

These developments followed a call by Singaporean courts back in Aug 2022, that found Byung-gun guilty of mercantilism BXA tokens while not the consent of Jung-hoon.

The ruling ordered him to return all proceeds from the sale of BXA back to the Singapore-based Group BTHMB.

Later in October 2022, Jung-hoon did not attend a parliamentary hearing throughout the Terra system turmoil, citing a mental state disorder.

Bithumb was one amongst the businesses raided by South Korean authorities within the aftermath of the Terra Luna collapse.

After the collapse, exchanges in South Korea created an emergency system as a preventative measure just in case of a feature Terra-style incident. to ensure compliance with native rules, all native exchanges should currently list tokens supporting similar pointers.