Bithumbs owner found for fraudulent not guilty (report)

Bithumbs owner found for fraudulent not guilty (report)

if he had been found to be guilty, he could have threatened a prison sentence of up to eight years.

The last word of the court

According to local reporting, the 34th department of the penal agreement of the Central Disruptcy Court of Seoul Lee was not guilty

The authorities decided that during the negotiations on the takeover of Bithumb in 2018 he did not embezzle over $ 87 million from the chairman of the BK Group-Kim Byung-Gun. Judge Kang Gyu-Tae said:

"It cannot be recognized that the proceeds from stock trading due to fraudulent acts, such as the facts of the public prosecutor's office, were sold solely on the basis of the evidence submitted by the public prosecutor."

BITHUMB - which is one of the leading cryptocurrency exchanges in South Korea - said that it respectes the outcome of the legal dispute.

"Bithumb is operated under a professional management system, and the former chairman Lee Jeong-Hoon is not involved in the management of Bithumb," added the company.

The prosecutors previously insisted that Kim paid the sum as a "contract fee" in advance in order to acquire the Korean trading center, while Lee assured that Bithumb listed BXA token and use capital from the sale of assets for the deal. However, the coinwurde is not published by the platform, but by the Blockchain Exchange Alliance, and the agreement collapses.

The death of Park Mo

The court ruling falls less than a week after Park Mo was found dead near his house in Seoul. The South Korean was Vice President of Vidente, the largest shareholder of Bithumb Holdings Co.

The first investigations showed that Park's death was due to suicide. However, some doubted this version, since it was determined against it due to the theft of funds associated with bithumb and the manipulation of share prices.

In addition, the platform had a close relationship with the fallen crypto giant FTX. While the latter expressed intentions in summer, the liquidity crisis and the possible application for insolvency protection thwarted such plans.

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