Court Acquits Former Bithumb Chairman in Multimillion-dollar Fraud Case

• Court acquits former Bithumb chairman of fraud charges. 
• The decision marks the second acquittal for the executive in the last two years. 
• Lee was previously facing up to eight years imprisonment under South Korean law.

A Seoul High Court has declared Lee Jeong-hoon, the former chairman of cryptocurrency exchange giant Bithumb, not guilty of allegations brought by prosecutors, according to a report from a local news media outlet. 

According to the report, the 5th Criminal Division of the Seoul High Court found the former Bithumb executive not guilty on January 18. This latest decision marks the second acquittal of the former 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 Won ($82 million) during negotiations for an acquisition deal. The prosecutors also accused Lee of agreeing to list the BXA token on Bithumb even when he was certain it wasn’t possible. Furthermore, the troubled Chairman was also alleged to have requested the 110 billion Won as an upfront fee for the contract negotiation.

The post Court Acquits Former Bithumb Chairman in Multimillion-dollar Fraud Case appeared first on Coin Edition.