Simple Money Goal
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Top News
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Top News
No Result
View All Result
Simple Money Goal
No Result
View All Result
Home Investing

Former Bithumb Chairman Acquitted in $100M Fraud Case in Second Trial

by
January 18, 2024
in Investing
0
Former Bithumb Chairman Acquitted in $100M Fraud Case in Second Trial

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

The recent decision by the 5th Criminal Division of the Seoul High Court follows Lee’s earlier acquittal in January 2023 on comparable charges linked to the alleged fraud, local media outlet reported.

During the trial, which began following Lee’s indictment in July 2021, prosecutors had accused him of fraudulent activities, specifically stealing funds from cosmetic surgeon Kim Byung-Gun during negotiations for an acquisition deal.

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

Prosecution Failed to Provide Enough Evidence


However, the court, in its recent ruling, declared Lee not guilty, emphasizing that the evidence presented did not sufficiently establish that Lee had made promises to list the coin.

The judge deemed the prosecution’s case lacked credibility, supporting the stance that the alleged crime could not be proven based on the evidence presented.

This marks the second instance in which Lee has been acquitted in the $100 million fraud case. The initial acquittal occurred in January 2023, where the court found the charges 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 founder of a chain of cosmetic surgery clinics.

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

The BXA token, affiliated with the Blockchain Exchange Alliance formed by Kim’s consortium in December 2018, was intended to be the financial centerpiece of the acquisition deal.

Despite Lee’s assurances, the BXA token was never listed on Bithumb, leading prosecutors to assert that Lee’s promise was a tactic to deceive Kim and mislead investors.

The post Former Bithumb Chairman Acquitted in $100M Fraud Case in Second Trial appeared first on Cryptonews.

Previous Post

Binance Users Seek to Serve $1B Lawsuit to Ronaldo via Elon Musk’s X

Next Post

EU Tightens Crypto Regulations with Provisional AML Agreement

Next Post
EU Tightens Crypto Regulations with Provisional AML Agreement

EU Tightens Crypto Regulations with Provisional AML Agreement

Subscribe to Simplemoneygoal.com

    Tariffs and weaker beer demand are weighing on Modelo owner Constellation Brands
    Politics

    Tariffs and weaker beer demand are weighing on Modelo owner Constellation Brands

    July 3, 2025
    Exclusive: Trump’s immigrant deportations are ‘morally repugnant,’ senior US Catholic leader says
    Economy

    Exclusive: Trump’s immigrant deportations are ‘morally repugnant,’ senior US Catholic leader says

    July 3, 2025
    Microsoft laying off about 9,000 employees in latest round of cuts
    Politics

    Microsoft laying off about 9,000 employees in latest round of cuts

    July 3, 2025
    Bangladesh ex-PM Hasina gets six-month prison sentence in absentia
    Economy

    Bangladesh ex-PM Hasina gets six-month prison sentence in absentia

    July 3, 2025
    • About us
    • Contacts
    • Email Whitelisting
    • Privacy Policy
    • Terms and Conditions

    Copyright © 2023 Daily Trading Digest. All Rights Reserved.

    No Result
    View All Result
    • Economy
    • Editor’s Pick
    • Investing
    • Politics
    • Stock
    • Top News

    Copyright © 2023 Daily Trading Digest. All Rights Reserved.