Lee Jung-hoon, the proprietor of the South Korean crypto alternate Bithumb, is going through as much as eight years in jail on prices of fraud to the worth of 100 billion received ($70 million), based on YNA.
Lee was indicted in July on fraud prices associated to the failure to listing the BXA token from Kim Byung Gun, chairman of BK Group.
Kim, one among Bithumb’s most important buyers, claimed that Lee presold BXA tokens however by no means listed the token, conserving the funds raised from personal buyers. Additional, Kim claimed his funding in Bithumb was straight associated to the promise to listing BXA, a token issued by BK Group.
Lee is on trial beneath the “Act on the Aggravated Punishment of Particular Financial Crimes.” Prosecutors have requested an eight-year sentence for “stealing about 112 billion received as a down fee” from Kim.
The authorized group for Lee argued that the method was properly documented as,
“The construction of this case is a typical inventory sale contract… The negotiation came about for 90 days.”
Additional, the protection argued that the lawsuit towards Lee was made “to keep away from felony accountability for the funding victims” from Kim.
In a closing assertion, Lee declared that Bithumb was the “primary alternate” in Korea on the time of the occasion after which introduced:
“I’m very sorry for making it tough for workers and inflicting social strain.”
In response to the information, FatManTerra on Twitter argued that the Korean crypto scene is “so rife with corruption.” FatMan is probably going referencing his experiences with Terra Luna and the controversy surrounding Do Kwon’s potential position in buyers dropping billions of {dollars} within the collapse of Terra Traditional.
Wow, the Korean crypto scene is so rife with corruption.
— FatMan (@FatManTerra) October 25, 2022
YNA reported that the sentencing listening to could be held on December 20.
