The previous chairman of the South Korean cryptocurrency alternate Bithumb, Lee Jung-hoon, may face a doable most sentence of eight years in jail if discovered responsible on expenses associated to an alleged fraud value $70 million.
Native prosecutors requested the Seoul District Court docket for the sentence on Oct. 25, with the sentencing listening to shall be held on Dec. 20 in accordance to a report from Yonhap Information Company.
It’s alleged that Jung-hoon defrauded $100 billion received or $70 million from Kim Byung Gun, chairman of the beauty surgical procedure firm BK Group in October 2018 throughout negotiations for Gun to buy the Bithumb alternate.
Gun alleges he paid $70 million to Jung-hoon as a “down fee” in the direction of shopping for the alternate on the situation that it lists a token known as BXA created by the Blockchain Alternate Allicance which Gun helped to type.
The proceeds from the token itemizing would’ve allegedly gone in the direction of serving to pay for the acquisition, however Bithumb by no means listed it and the deal fell aside.
“The construction of this case is a typical inventory sale contract,” Jung-hoon’s lawyer reportedly mentioned as a protection, including that it was carried out faithfully in accordance with typical procedures for such a contract.
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Jung-hoon mentioned in his remaining assertion to the court docket that he was “very sorry for making it tough for workers and inflicting social strain.”
Earlier this month Jung-hoon did not attend a parliamentary listening to on Oct. 6 concerning the $40 billion wipeout of the Terra ecosystem citing a panic dysfunction as the explanation for his absence.
