Lee Jung-hoon, the Former Chairman of Bithumb, Was Found Not Guilty

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Last Updated on January 3, 2023 by Bitfinsider

According to reports, the former chair of the cryptocurrency exchange Bithumb in South Korea, Lee Jung-Hoon, was acquitted of all charges by the 34th Division of the Criminal Agreement of the Seoul Central District Court.

In October 2018, Jung-Hoon was accused of fraudulently violating the Act on the Aggravated Punishment of Specific Economic Crimes while negotiating for Bithumb’s acquisition from Kim Byung-Gun. If found guilty, these allegations could have resulted in an eight-year prison sentence for Jung-Hoon. Kim Byung-Gun is the individual from whom Jung-Hoon was attempting to acquire Bithumb.

The verdict was handed down a little less than a week after it was revealed that the CEO of Bithumb’s top shareholder had been discovered dead. The executive was accused of stock price manipulation as well as misappropriation of company funds.

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