Bithumb Paperwork Implicate Ex-CEO Lee in Crypto Itemizing Scandal

• Inside Bithumb paperwork implicate former CEO Lee Sang-joon in crypto itemizing choices.
• Lee denies involvement, however data recommend he might have influenced listings of DOGE and KLAY.
• Bithumb’s de facto proprietor, Kang Jong-hyun, and others face fees.

Prosecutors have introduced inner Bithumb paperwork as new proof of their case towards the change’s former CEO, Lee Sang-joon. The paperwork, dated Might 10, 2021, had been submitted to a South Korean court docket the place Lee is going through fees associated to cryptocurrency listings on the platform.

The filings recommend that Lee, alongside former Bithumb Korea CEO Heo Baek-young and the previous chairman of Bithumb’s token itemizing evaluation committee, might have been concerned in choices concerning the itemizing of Dogecoin (DOGE) and Klaytn (KLAY).

Although the doc writer’s id stays confidential, Heo claimed the committee’s former chairman might have written it. 

Lee Denies Accusations, however Paperwork Forged Doubt

Lee has since denied the accusations, stating he lacked the authority to make itemizing choices. Nonetheless, the paperwork forged doubt on his claims, indicating he might have performed a task within the itemizing course of.

The investigation into Lee started in March 2023 when South Korean authorities probed bribery allegations associated to token listings on Bithumb. Lee was indicted with out detention in September 2023.

Earlier this 12 months, the Seoul Excessive Court docket acquitted Lee in a multimillion-dollar fraud case. The court docket dominated that he was not responsible of defrauding Kim Byung-gun of 110 billion Received ($82 million) throughout acquisition negotiations. This adopted an earlier acquittal on comparable fees, together with allegations of searching for an upfront price for a failed BXA token itemizing on Bithumb.

In the meantime, Bithumb’s de facto proprietor, Kang Jong-hyun, can also be going through a separate trial. Together with two different executives, Kang faces fees of embezzlement, fraudulent transactions, and breach of responsibility. Experiences point out the accused have admitted to the fees.

Learn additionally: Bithumb CEO Investigated for Bribe in Change for False Listings

Kang’s sister, Kang Ji-yeon, a significant shareholder in Bithumb-affiliated firms, has additionally been accused of inventory value manipulation. In a now-deleted assertion, she defended her brother, dismissing the fees as “unconfirmed and one-sided.”