Bithumb owner to receive 8-year jail term for $70M fraud – local media

Lee Jung-hoon, the proprietor of the South Korean crypto speech Bithumb, is facing up to 8 years successful situation connected charges of fraud to the worth of 100 cardinal won ($70 million), according to YNA.

Lee was indicted successful July connected fraud charges related to the nonaccomplishment to database the BXA token from Kim Byung Gun, president of BK Group.

Kim, 1 of Bithumb’s astir important investors, claimed that Lee presold BXA tokens but ne'er listed the token, keeping the funds raised from backstage investors. Further, Kim claimed his concern successful Bithumb was straight related to the committedness to database BXA, a token issued by BK Group.

Lee is connected proceedings nether the “Act connected the Aggravated Punishment of Specific Economic Crimes.” Prosecutors person requested an eight-year condemnation for “stealing astir 112 cardinal won arsenic a down payment” from Kim.

The ineligible squad for Lee argued that the process was good documented as,

“The operation of this lawsuit is simply a emblematic banal merchantability contract… The dialog took spot for 90 days.”

Further, the defence argued that the suit against Lee was made “to debar transgression work for the concern victims” from Kim.

In a last statement, Lee declared that Bithumb was the “number 1 exchange” successful Korea astatine the clip of the lawsuit and past announced:

“I americium precise atrocious for making it hard for employees and causing societal pressure.”

In effect to the news, FatManTerra connected Twitter argued that the Korean crypto country is “so rife with corruption.” FatMan is apt referencing his experiences with Terra Luna and the contention surrounding Do Kwon’s imaginable relation successful investors losing billions of dollars successful the illness of Terra Classic.

Wow, the Korean crypto country is truthful rife with corruption.

— FatMan (@FatManTerra) October 25, 2022

YNA reported that the sentencing proceeding would beryllium held connected December 20.

The station Bithumb proprietor to person 8-year jailhouse word for $70M fraud – section media appeared archetypal connected CryptoSlate.