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Bithumb Former Chair Lee Jung-hoon Acquitted in the First Instance

Lee Jung-hoon, the former chair of the South Korean cryptocurrency exchange Bithumb, was found not guilty on Jan. 3 by the 34th Division of the Criminal Agreement of the Seoul Central District Court.

Jung-Hoon was on trial under accusations of violating the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud.

The case has been ongoing since October 2018, when the former chairman allegedly defrauded 100 billion won ($70 million) during negotiations for the acquisition of Bithumb from Kim Byung-gun, chairman of the cosmetic surgery company BK Group.

(By SAVANNAH FORTIS)

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