The thirty fourth Division of the Legal Settlement of the Seoul Central District Court docket stated on January 3 that it has discovered Lee Jung-hoon, the previous chair of the cryptocurrency change Bithumb in South Korea, not responsible of the costs introduced in opposition to him.
Attributable to allegations of fraud, Jung-Hoon was on trial for allegedly breaking the Act on the Aggravated Punishment of Particular Financial Crimes (Act on the Aggravated Punishment Of Particular Financial Crimes Act).
Since October 2018, when negotiations for the acquisition of Bithumb from Kim Byung-gun, chairman of the beauty surgical procedure firm BK Group, had been going down, the case has been ongoing. It’s alleged that the previous chairman defrauded Kim Byung-gun of 100 billion received ($70 million) throughout these negotiations.
Ought to Jung-hoon have been discovered responsible, the utmost time period he may need obtained was eight years in jail.
In line with the native press, within the formal reply that Bithumb supplied to the judgement, the corporate said that it respects the choice made by the court docket.
The dialog additionally made it clear that the corporate is managed by “skilled administration” and that the earlier chairman is just not concerned within the day-to-day enterprise actions.
After being accused of inventory worth manipulation and embezzlement, Bithumb’s largest shareholder govt, Park Mo, was found useless on December 30, virtually per week earlier than the choice was issued.
In August of 2022, courts in Singapore reached a verdict that discovered Byung-gun responsible of promoting BXA tokens with out first acquiring Jung-permission. hoon’s These latest occasions are a direct results of that verdict.
Because of the decision, he was required at hand up all the cash that he had made via the sale of BXA to the group BTHMB, which is located in Singapore.
Afterward within the month of October 2022, Jung-hoon cited a psychological well being challenge as the explanation he was unable to attend a parliamentary session held throughout the upheaval that occurred contained in the Terra atmosphere.
Within the wake of the failure of the Terra Luna cryptocurrency change, the South Korean authorities carried out a search warrant at many companies, together with Bithumb.