{"id":38360,"date":"2022-10-26T05:24:31","date_gmt":"2022-10-26T09:24:31","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=38360"},"modified":"2022-10-26T05:24:34","modified_gmt":"2022-10-26T09:24:34","slug":"former-bithumb-chairman-could-face-an-8-year-prison-sentence","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/former-bithumb-chairman-could-face-an-8-year-prison-sentence\/","title":{"rendered":"Former Bithumb chairman could face an 8-year prison sentence"},"content":{"rendered":"\n
If found guilty the former chairman of South Korean crypto exchange<\/a> Bithumb could be sentenced to jail for a maximum of eight years over the alleged $70m fraud.<\/h5>\n\n\n\n
\"Former
Former Bithumb chairman could face an 8-year prison sentence<\/figcaption><\/figure>\n\n\n\n

According to a report from Yonhap News Agency, local prosecutors sought the Seoul District Court for the Bithumb sentence on October 25, and the sentencing hearing will take place on December 20.<\/p>\n\n\n\n

In October 2018 while negotiating for Gun to buy the Bithumb exchange,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> it is alleged that Jung-hoon scammed Kim Byung Gun, chairman of the cosmetic surgery company BK Group, of $100 billion won, or $70 million.<\/p>\n\n\n\n

Gun claims that he gave Jung-hoon $70 million as a “down payment” for the exchange in exchange for Jung-hoon allowing the exchange to list the BXA token produced by the Blockchain Exchange Alliance, which Gun assisted in founding.<\/p>\n\n\n\n

The acquisition would have purportedly been partially funded by the proceeds from the token sale, however, Bithumb failed to do so and the deal fell through.<\/p>\n\n\n\n

According to reports, Jung-attorney hoon's said in defense that the case's structure was typical of stock sale contracts and that it was carried out faithfully in accordance with industry standards for such contracts<\/a>.<\/p>\n\n\n\n

In his closing remarks to the court, Jung-hoon expressed his sincere regret for “making life tough for employees and inflicting social pressure.”<\/p>\n\n\n\n

Earlier this month, Jung-hoon excused his absence from a legislative hearing on the $40 billion destruction of the Terra ecosystem<\/a> by claiming that he had a panic problem.<\/p>\n","protected":false},"excerpt":{"rendered":"

If found guilty the former chairman of South Korean crypto exchange Bithumb could be sentenced to jail for a maximum of eight years over the alleged $70m fraud. According to a report from Yonhap News Agency, local prosecutors sought the Seoul District Court for the Bithumb sentence on October 25, and the sentencing hearing will […]<\/p>\n","protected":false},"author":12,"featured_media":38362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[1059,1135,4091],"class_list":["post-38360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","tag-bithumb","tag-fraud","tag-prison"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/image-150.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/38360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=38360"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/38360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/38362"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=38360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=38360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=38360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}