Former Bithumb Chairman Lee Jeong-hoon Faces 8-Year Prison Sentence in Appeal

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Lee Jeong-hoon, the previous chairman of Bithumb, one among South Korea’s main cryptocurrency exchanges, faces a possible 8-year jail sentence. The Seoul High Court is predicted to ship its verdict within the attraction case on January 18, 2024.

The authorized battle revolves round accusations in opposition to Lee for his dealings with Kim Byung-gun, chairman of BK Group, in a possible acquisition of Bithumb. The prosecution alleges that Lee duped Kim Byung-gun out of 110 billion received (roughly $70 million) by means of a fraudulent settlement involving the itemizing of BXA tokens on the Bithumb trade.

The prosecution claims that Lee was totally conscious of the challenges in itemizing the BXA token however intentionally withheld this data from Kim. Furthermore, they argue that Lee’s restructuring plan for Bithumb aimed to revenue from trade tokens whereas evading monetary laws.

Lee’s protection workforce, nonetheless, challenges these allegations. They argue that inconsistencies in Kim’s testimony undermine his credibility. Moreover, they assert that Lee fulfilled all obligations as a vendor and prolonged the fee deadline upon request, solely to be unexpectedly sued by Kim.

The end result of the attraction is crucial, not only for Lee Jeong-hoon but additionally for the broader cryptocurrency trade. It is poised to set a precedent in authorized disputes involving crypto exchanges and governance. Additionally, with Bithumb getting ready for an IPO on the Kosdaq by 2025, the decision will considerably affect the trade’s future and the destiny of BXA tokens.

The trial’s choice, anticipated in January 2024, might result in a reassessment of governance buildings in cryptocurrency exchanges and doubtlessly appeal to elevated regulatory scrutiny. The authorized end result can be a pivotal second for the trade, doubtlessly reshaping insurance policies and practices in cryptocurrency exchanges.

Image supply: Shutterstock

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