Owner Of Bithumb Korea Asked For 8 Years In Jail For Fraud Worth About $70 Million

South Korean prosecutors are asking the court to sentence Lee Jung-hoon, owner of South Korean cryptocurrency exchange Bithumb, to eight years in prison for fraud worth about $70 million.

According to Yonhap News, at the trial of the former Chairman of the Board of Directors of Bithumb Holdings and South Korea on charges of fraud under the Act on Specific Aggravated Punishments. Economic Crime, held at the hearing of the 34th Criminal Division (Chief Justice Kang Gyu-tae) of the Seoul Central District Court on the 25th.

In October 2018, Lee Jung-hoon proposed to BK Group Chairman Kim Mo to acquire Bithumb, tricked him into issuing the so-called ‘Bithumb Coin’ (BXA) and listing on this exchange, and was brought to trial for stealing about 112 billion won as a prepayment.

It was revealed that Kim believed Lee and used some of the proceeds from the BXA pre-sale as money to buy his shares in Bithumb. However, BXA was not listed on Bithumb and the acquisition of Bithumb Kim’s failed.

The victims invested in BXA sued Mr. Kim along with Mr. Lee, but the investigation agency did not punish Mr. Kim because he was also a victim of Mr. Lee’s deception. Previously, Mr. Kim sued Mr. Lee to avoid criminal liability for investment victims.

The prosecutor said the amount of damage was very large up to 100 billion won equivalent to about $70 million. Therefore, prosecutors requested an eight-year prison sentence for Lee Jung-hoon. The sentencing hearing will be held on the afternoon of December 20.

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