{"id":43336,"date":"2023-01-03T07:42:28","date_gmt":"2023-01-03T11:42:28","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=43336"},"modified":"2023-01-03T07:42:30","modified_gmt":"2023-01-03T11:42:30","slug":"former-bithumb-chairman-lee-jung-hoon-acquitted-in-first-case","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/former-bithumb-chairman-lee-jung-hoon-acquitted-in-first-case\/","title":{"rendered":"Former Bithumb Chairman Lee Jung-Hoon acquitted in first case"},"content":{"rendered":"\n
The former chair has been acquitted of the allegations of defrauding the company<\/a> of $70 million during the purchase of Bithumb.<\/h5>\n\n\n\n
\"Former
Former Bithumb Chairman Lee Jung-Hoon acquitted in first case<\/figcaption><\/figure>\n\n\n\n

The 34th Division of the Criminal Agreement of the Seoul Central District Court rendered a not-guilty verdict on January 3 against Lee Jung-hoon, the former chair of the South Korean bitcoin exchange Bithumb.<\/a><\/p>\n\n\n\n

Due to fraud, Jung-Hoon was accused of breaking the Act on the Aggravated Punishment Of Specific Economic Crimes.<\/p>\n\n\n\n

Since October 2018, when the former chairman is accused of defrauding Kim Byung-gun, the chairman of the cosmetic surgery business BK Group, of 100 billion won ($70 million), the lawsuit has been ongoing.<\/p>\n\n\n\n

If proven guilty, Jung-hoon could have received an eight-year sentence. In its formal response to the judgment, Bithumb reportedly stated that it respected the court's ruling.\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>\n\n\n\n

The exchange also made it clear that the former chairman is not involved in the current operations and that it is under “professional managers.”<\/p>\n\n\n\n

On Dec. 30, almost a week before the decision, Park Mo, the CEO with the largest shareholding in Bithumb, was discovered dead after being accused of theft and stock price manipulation.<\/p>\n\n\n\n

These changes occurred in response to a ruling rendered by Singaporean courts<\/a> in August 2022, which found Byung-gun guilty of selling BXA tokens without Jung-hoon's permission.<\/p>\n\n\n\n

He was required by the judge to give the Singapore-based organization BTHMB all of the money he received from the sale of BXA.<\/p>\n\n\n\n

Later that month of October 2022, during the upheaval in the Terra environment, Jung-hoon excused his absence from a legislative hearing by claiming to have a mental illness.<\/p>\n\n\n\n

Following the bankruptcy of Terra Luna<\/a>, South Korean authorities searched a number of businesses, including Bithumb.<\/p>\n\n\n\n

After the collapse, South Korean exchanges established an emergency procedure as a safeguard against a similar Terra-like occurrence. All regional exchanges must now list tokens in accordance with the same rules in order to guarantee adherence to national laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

The former chair has been acquitted of the allegations of defrauding the company of $70 million during the purchase of Bithumb. The 34th Division of the Criminal Agreement of the Seoul Central District Court rendered a not-guilty verdict on January 3 against Lee Jung-hoon, the former chair of the South Korean bitcoin exchange Bithumb. Due […]<\/p>\n","protected":false},"author":38,"featured_media":43339,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1059,1406,1712],"class_list":["post-43336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-bithumb","tag-crypto-exchange","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/obzor-birzhi-bithumb-bithamb-registraciya-osobennosti-torgovli-i-vyvod-sredstv1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/43336","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\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=43336"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/43336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/43339"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=43336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=43336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=43336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}