Bithumb's former chair Lee Jung-Hoon found not guilty: Korea Economic Daily

RegulationJanuary 3, 2023, 3:12AM EST
UPDATED: January 3, 2023, 4:07AM EST
Bithumb's former chair Lee Jung-Hoon found not guilty: Korea Economic Daily

Quick Take

  • Bithumb’s former chair, Lee Jung-Hoon, was reportedly found not guilty by the Seoul Central District Court.
  • Jung-Hoon was accused in October 2018 of fraud related to the crypto exchange’s acquisition.
Advertisement

The former chair of the South Korean crypto exchange Bithumb, Lee Jung-Hoon, was reportedly found not guilty by the Seoul Central District Court's 34th Division of the Criminal Agreement.

Jung-Hoon was accused in October 2018 of fraudulently violating the Act on the Aggravated Punishment of Specific Economic Crimes while negotiating for Bithumb's acquisition from Kim Byung-Gun — allegations that could have resulted in an eight-year prison sentence.

The ruling comes less than one week after the executive of Bithumb's largest shareholder was reportedly found dead. The executive was accused of embezzlement and stock-price manipulation.

Updated for clarity.