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.
The local South Korean news agency Korea Economic Daily reported that Lee Jung-Hoon, the former head of Bithumb, was found not guilty by the Seoul Central District Court.
As it is known, Lee Jung-Hoon was accused of fraud related to the acquisition of Bithumb in October 2018, violating the Aggravated Punishment of Certain Economic Offenses Act.
In the case, which has been going on since 2018, the prosecution a few months ago demanded that Lee Jung-hoon be sentenced to up to eight years in prison for fraud.
However, the court decided that Jung-Hoon did not commit the fraud offense in question and acquitted him.
What Happened?
Lee Jung Hoon allegedly defrauded Kim Byung Gun, head of cosmetic surgery company BK Group, during negotiations to buy the Bithumb stock market in 2018, and Jung-Hoon embezzled 100 billion won ($70 million).
Accordingly, Kim Byung Gun, Bithumb’s BXA listing its token and token It paid a $70 million acquisition fee to the former head of Bithumb, provided that the proceeds from the sale were used to buy Bithumb.
However, Bithumb did not list BXA. And it caused huge losses to investors.
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