Former Bithumb chair faces 8-year imprisonment

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Lee Jeong-hoon, the previous chair of Bithumb, certainly one of South Korea’s main cryptocurrency exchanges, is on the middle of a authorized battle and would possibly face an eight-year jail sentence, with a verdict scheduled for Jan. 18, 2024.

According to Korean native media stories, prosecutors contend that Lee meant to revamp Bithumb’s governance to realize from change tokens, circumventing monetary rules. The case has been ongoing since October 2018, when the previous chair allegedly defrauded 100 billion received ($70 million) throughout negotiations for the acquisition of Bithumb from Kim Byung-gun, chair of the beauty surgical procedure firm BK Group. Prosecutors declare Lee knew about challenges within the BXA token itemizing however didn’t disclose it to Kim. Despite itemizing points, Lee purportedly acquired funds with out informing Kim in regards to the resolution to not record the BXA token.

The South Korean prosecutors requested an eight-year jail sentence for Lee.

Lee’s protection challenges the claims, mentioning discrepancies in Kim’s statements and questioning his reliability. Lee insists on Kim’s competence to guide Bithumb, sustaining that Kim was knowledgeable in regards to the progress of the BXA token itemizing.

Lee faces authorized points associated to accusations of violating the Act on Aggravated Punishment for Specified Economic Crimes, notably fraud.

Related: Bithumb plans to be first crypto change listed on Korea inventory market: Report

The resolution on Lee’s ongoing attraction would possibly set a precedent for authorized proceedings involving cryptocurrency exchanges and governance. This improvement coincides with Bithumb’s preparations for an preliminary public providing on Kosdaq by 2025.

The attraction’s end result will considerably impression Bithumb’s future and the destiny of BXA tokens. A responsible verdict would possibly set off a reassessment of governance frameworks in cryptocurrency exchanges, doubtlessly leading to elevated regulatory scrutiny.

While the cryptocurrency neighborhood and buyers anticipate the attraction end result, the case underscores the business’s dynamic nature and the need for well-defined regulatory frameworks to deal with governance points and uphold belief amongst buyers and stakeholders.

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