10-27-2022 icon

Bithumb’s Preceding President Liable To 8 Years In Prison Verdict Over Suspected $70M Swindle

By Lucy Adegbe

The preceding president of the South Korean sited cryptocurrency trading protocol Bithumb, Lee Jung-hoon is likely to serve an eight years jail term if ruled culpable of the accusations relating to the suspected monetary crime of about $70 million.

Jung-hoon is being charged over claims that he ripped off over $70 million from Kim Byung Gun, president of cosmetic surgery firm BK Group during a bargain of Bithumb acquisition in Oct 2018.

Gun had made an initial deposit of $70 million to purchase the Bithumb trading protocol with a constraint that Bithumb lists a BXA coin formulated by the protocol’s associate, with Gun’s assistance.

The funds realized from the listing were supposedly the aid to complete the purchase process, however, Bithumb failed to list it and the contract failed.

Such a case is built on a classic “stock sale” agreement which was implemented in accordance with known procedures, Jung-hoon’s defense attorney had reportedly noted.

Jung-hoon, during his concluding court statement, chipped in an apology “for making it difficult for employees and causing social pressure.”

State attorneys had urged the Seoul magistrate trial court for the ruling on October 25. Final verdict hearing has been set to hold on December 20th, as reported by the Yonhap News Agency.

Jung-hoom had skipped an October 6 congress hearing relating to the $40 billion lose incurred in the Terra ecosystem due to claimed “panic disorder.”