8 years in prison for a 70 million dollar fraud – The former CEO of Bithumb in court

Justice League- The South Korean exchange feeds the chronicles judicial for several years now. The national authorities blame Bithumb negligence related to security having led to the loss of user data but also a hack several tens of millions of dollars. But the most important remains this business of tokens Bithumb Corner (BXS) whose outcome is approaching. Account of the last hearing.

The Bithumb Coin (BXA) at the heart of a case of a fraud

the October 25 last in Seoul was therefore held the final hearing before the final decision of the Criminal Court of the central district of the capital. the accused, Lee Jung-hoonfaced prosecutors determined to send him to prison in the case of the Bithumb Coin. For which motive ? A little reminder of facts before going further

It all started in 2018. The defendant was then the CEO of the platform of cryptocurrency number 1 in South Korea: Bithumb. It was a question at that time of a sale of the exchange and society BK-Group from Singapore was interested. An agreement was therefore reached between the parties. The pre-sale of in-house tokens – the famous Bithumb Coin – for a value of 25 millions of dollars. Planned for subsequent listing on the platform, 45 million dollars worth of tokens were also sold to investors. Problem ? The token has never been listing and everyone lost their stake.

South Korean justice grapples with crypto platform Bithumb

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South Korean justice tries to disentangle the true from the false

First implicated alongside Lee Jung-hoon, Kim Byung Gun the CEO of BK Group has since been exonerated by theinvestigation and he is now one of the plaintiffs. South Korean justice is now demanding accounts from the former boss of Bithumb who finds himself charged with fraud. He is under the “special economic crimes” law and the prosecution had harsh words against him during the hearing:

“The amount of damages is very significant and they are particularly serious for small investors”

The defense tried to minimize the facts, emphasizing the normal nature of the sale. It was a classic contract negotiated for almost 90 days according to the lawyer who tried once again to place some responsibility on Group BK. But not sure that the justice Korean follows Lee Jung-hoon on this ground. Prosecutors ultimately requested a sentence of 8 years prison and the final decision is expected on 20 December in the afternoon.

The Seoul Court finds itself once again at the heart of a case related to a crypto platform. Definitely the justice is the star of this year 2022! She finds herself in spite of herself cleaning up the past practices of an ecosystem then in freewheeling. Already well scalded by the Do Kwon case, the authorities of the Land of Morning Calm have every intention of supervising the sector while taking advantage of technological progress. offered by the blockchain.

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8 years in prison for a 70 million dollar fraud – The former CEO of Bithumb in court

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