- Courtroom acquits former Bithumb chairman of fraud expenses.
- The choice marks the second acquittal for the manager within the final two years.
- Lee was beforehand dealing with as much as eight years imprisonment below South Korean regulation.
A Seoul Excessive Courtroom has declared Lee Jeong-hoon, the previous chairman of cryptocurrency trade big Bithumb, not responsible of allegations introduced by prosecutors, in accordance with a report from a neighborhood information media outlet.
In accordance with the report, the fifth Legal Division of the Seoul Excessive Courtroom discovered the previous Bithumb government not responsible on January 18. This newest resolution 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 checklist 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 trade providers whereas circumventing monetary laws within the nation.
The protection group argued that Kim’s testimonies had 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 court docket’s latest resolution dominated in opposition to the prosecutors on the token itemizing allegations. Specifically, the court docket mentioned the chairman couldn’t have been deemed to have promised to checklist the token primarily based on the proof introduced by the prosecution.
Underneath South Korean regulation, 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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