Former Bithumb CEO Lee Jung-Hoon Not Guilty: Report

The former head of Bithumb Exchange in South Korea, Lee Jung-Hoon, has been found not guilty of fraud by Section 34 of the Criminal Convention of the Seoul Central District Court, according to a court filing. Transfer past Korea Economic Daily.

Lee was charged with violating the Enhanced Penal Code for specific financial crimes in October 2018, when he negotiated with Kim Byung-joon, founder of plastic surgery firm BK Group, for the latter’s acquisition of Bithumb.

Lee accepted a $70 million “hold fee” on the promise that the exchange would list the so-called Bithumb Coin (BXA) and use the token sale to pay for the acquisition. code It was never listed; Suffice it to say that the takeover also took place, but South Korean investigators determined that the fault lay not with Kim, who like other investors was the victim of foul play.

In a statement, Bithumb noted that the company is being run under a “professional management system” and that Lee Jung-Hoon “has no involvement in the management of Bithumb at all.”

Lee was acquitted only days later suicide Park Moo, Vice President of Vidente, Bithumb’s largest shareholder.

Park was under investigation for embezzlement and stock price manipulation at the time, accusations that local sources claim were passed on to him by his employer, the Kang brothers. Local sources referred to Vidente’s owner Kang Jong-hyun as Bithumbs.Hidden headAnd theWhile his sister Kang Ji Yoon is alleged to head shoe company Inbiogen — despite a local tabloid reports That Jong-hyun is using his sister’s name as a front.

Last October, Lee Jong Hoon Avoid calling To appear as a witness at a hearing by the Political Affairs Committee of the Korean National Assembly. Lee was one of six witnesses called in the ongoing investigation The breakdown of Terra 40 billionBut he cited panic disorder and said he was no longer involved in managing Bithumb.

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