Cryptocurrency stock market Bithumb founder and former chairman Lee Jung-hoon There has been a new development in the ongoing 70 million dollar fraud case in South Korea.
In the ongoing case, the prosecutor’s office has demanded that Bithumb founder Lee Jung-hoon be sentenced to up to eight years in prison for fraud, South Korea’s local news agency Yonhap reported.
According to the news, the hearing in the case in question took place today, on October 25th.
A decision on the ex-president of Bithumb will be made on December 20.
In the lawsuit in question, Lee Jung is accused of stealing $70 million from Kim Byung Gun during the acquisition of Bithumb by BK Group chairman Kim Byung Gun.
Accordingly, Kim Byung Gun, Bithumb’s BXA It paid a $70 million acquisition fee to the former head of Bithumb, provided it listed its token and the proceeds from the token sale were used to buy Bithumb.
However, Bithumb did not list BXA. And it caused huge losses to investors.
In this context, South Korean prosecutors are demanding that Lee, the ex-president of Bithumb, be punished for fraud under the country’s Aggravated Punishment of Certain Economic Offenses Act.
At the hearing held today at the Seoul Central District Court, prosecutors used the following statements:
“The amount of damage in the case in question is huge, and the damage is huge, especially for retail cryptocurrency investors.”
Lee’s lawyer defended his client in today’s hearing, stating that the BXA token sale is a typical stock sale contract, while Lee’s defense “I am very sorry for making it difficult for the employees and causing social pressure” said.
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