Former Chairman of Bithumb Found Innocent in First Trial Of Scam Of $70M

Key Points: The Former Bithumb Chairman was found innocent by the court of first instance.
The court ruled that it was difficult for the court to determine whether former Chairman Lee promised Chairman Kim that he would list BXA Coin solely from the evidence presented by prosecution.
JP Morgan and other foreign investors will likely push for Bithumb’s repurchase after removing the owner’s risk and complicated governance.
According to Korean media, Lee Jung-hoon was the former Chairman of Bithumb Korea. He was charged with the crime of stealing about 110 billion won. In July 2021, he was charged with the crime of stealing 110 billion won. The prosecutor’s office did not detain him. However, the court said that it was difficult to establish that Lee promised to list BXA Coin.
“We respect the court’s ruling (…). Bithumb is managed by a professional management system. Former Chairman Lee Jeong-hoon has no involvement in the management of Bithumb. Bithumb will not be influenced by the results of the test. However, they will continue to strive for the best service and more secure transactions.
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