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- Court docket acquits former Bithumb chairman of fraud costs.
- The choice marks the second acquittal for the chief within the final two years.
- Lee was beforehand dealing with as much as eight years imprisonment below South Korean legislation.
A Seoul Excessive Court docket has declared Lee Jeong-hoon, the previous chairman of cryptocurrency alternate big Bithumb, not responsible of allegations introduced by prosecutors, in response to a report from a neighborhood information media outlet.
In accordance with the report, the fifth Felony Division of the Seoul Excessive Court docket discovered the previous Bithumb govt not responsible on January 18. This newest choice marks the second acquittal of the previous chairman in a multimillion-dollar fraud case.
In July 2021, Lee was indicted after prosecutors charged him with allegedly defrauding Kim Byung-Gun of 110 billion Received ($82 million) throughout negotiations for an acquisition deal. The prosecutors additionally accused Lee of agreeing to listing the BXA token on Bithumb even when he was sure it wasn’t doable. Moreover, the troubled Chairman was additionally alleged to have requested the 110 billion Received as an upfront payment for the contract negotiation.
Alongside the token allegations, prosecutors additionally accused Chairman Lee of restructuring Bithumb to rake in revenue from cryptocurrency alternate providers whereas circumventing monetary laws within the nation.
The protection crew argued that Kim’s testimonies have been inconsistent, questioning his credibility. Moreover, they asserted Lee’s innocence on the grounds that he fulfilled all his obligations as a vendor to Kim.
Nonetheless, the courtroom’s current choice dominated in opposition to the prosecutors on the token itemizing allegations. Particularly, the courtroom stated the chairman couldn’t have been deemed to have promised to listing the token primarily based on the proof introduced by the prosecution.
Underneath South Korean legislation, the previous chairman was dealing with as much as eight years imprisonment. A jail sentence for Lee seems to have been prevented with the not-guilty verdict.
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