Ex-Bithumb Chairman Proven “Not Guilty” of $100M Crypto Exchange Fraud

Vignesh Karunanidhi
Ex-Bithumb Chairman Proven "Not Guilty" of $100M Crypto Exchange Fraud
Source: Coincu News

Bithumb is a South Korean cryptocurrency exchange that was founded in 2014. Lee Jung-Hoon, who is the former chairman of the exchange, has been held up in a fraud case worth almost 130 billion won ($100 million). Jung Hoon was under trial on the grounds of accusations of violating the act of aggravated punishment for specific economic crimes due to fraud.

The case, which has been dragging since October 2018, finally comes to a conclusion. Jung-Hoon, if found guilty, could have faced an eight-year sentence. He was indicted in July 2021 and was accused of taking money from cosmetic surgeon Kim Byeong-gun during negotiations for an acquisition. However, according to the latest reports, Jung-Hoon has been acquitted of the fraud charges.

Source: Coincu

Ex-Bithumb Chairman set free

“It cannot be acknowledged that (the victim) fell into a mistake as a result of the defendant’s deceitful act, concluded each contract, and paid the purchase price, as in the case of the prosecution,” Presiding Judge Kang Gyu-tae mentioned in the first trial judgment.

The court also mentioned that the claims against Jung-Hoon were not credible. The report also mentions that the prosecutors can appeal the judgment within a week if they are dissatisfied with the judgment of the court.

This news surfaced almost a week after the vice president of Bithumb was found dead in front of his house in southern Seoul. Bithumb commented on the judge’s decision and said that they respected the court’s ruling. The exchange also added that they are now under professional management, and former chairman Jung-Hoon is no longer a part of its management.