Former Bithumb Chairman Found Not Guilty in Second Trial

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The previous chairman of Bithumb Holdings and Bithumb Korea, Lee Jeong-hoon, has been acquitted for the second time within the $100 million fraud case.

The current choice by the fifth Felony Division of the Seoul Excessive Court docket follows Lee’s earlier acquittal in January 2023 on comparable costs linked to the alleged fraud, local media outlet reported.

Through the trial, which started following Lee’s indictment in July 2021, prosecutors had accused him of fraudulent actions, particularly stealing funds from beauty surgeon Kim Byung-Gun throughout negotiations for an acquisition deal.

The prosecution argued that Lee embezzled the acquisition deposit below the pretext of itemizing the “BXA token.”

Prosecution Did not Present Sufficient Proof


Nonetheless, the court docket, in its current ruling, declared Lee not responsible, emphasizing that the proof introduced didn’t sufficiently set up that Lee had made guarantees to record the coin.

The decide deemed the prosecution’s case lacked credibility, supporting the stance that the alleged crime couldn’t be confirmed primarily based on the proof introduced.

This marks the second occasion during which Lee has been acquitted within the $100 million fraud case. The initial acquittal occurred in January 2023, the place the court docket discovered the costs unproven.

What Prosecutors Had Alleged


Prosecutors had alleged that Lee orchestrated a scheme to defraud $100 million from Kim Byung Gun, the chairman of BK Group and founding father of a series of beauty surgical procedure clinics.

The alleged fraud occurred throughout negotiations for Kim’s acquisition of Bithumb Holdings. Lee purportedly requested a $100 million upfront “contract payment” from Kim, promising in return to record the BXA token on Bithumb’s crypto trade.

The BXA token, affiliated with the Blockchain Trade Alliance shaped by Kim’s consortium in December 2018, was supposed to be the monetary centerpiece of the acquisition deal.

Regardless of Lee’s assurances, the BXA token was by no means listed on Bithumb, main prosecutors to say that Lee’s promise was a tactic to deceive Kim and mislead traders.

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