Lee Jung-hoon sentence

Bithumb Ex-Chairman Facing Eight Years in Jail

26.10.2022 10:03 (Updated 26.10.2022 10:10)
avatar
by Irene Pinchuk
1 min read

The sentence in the case of Lee Jung-hoon, former chairman of the Bithumb crypto exchange, is set to be announced on December 20. Jung-hoon is facing up to eight years in prison for fraud charges if found guilty.

Jung-hoon is accused of damaging in the amount of $70 million the cosmetic surgery firm BK Group, which was supposed to acquire Bithumb. Allegedly, Bithumb failed to list the BXA token linked to the BK Group, which was part of the buying arrangement. Without profits from the BXA, there weren’t sufficient funds in BK’s coffers to proceed with the deal.

A few weeks ago, Jung-hoon missed his court hearing concerning the devastating Terra crash, due to a panic disorder. No doubt, he’s got a lot on his mind.

Author

  • After 6+ years in Digital Marketing & Product Management of B2C relationships, Iโ€™ve moved onto the B2B world. Now Iโ€™m CEO at Scale Final Content, creating remarkable experiences for every business we work with. We Make UX Content That Ranks ๐Ÿš€ We are a team of industry leading experts with 6+ years of writing experience, accomplishing the latest SEO trends. I'm a crypto enthusiast, NFT lover and marketer. Obsessed about coffee, UX design and UX content. Live in heart of crypto events, Lisbon, full of sun, ocean and music.

Subscribe to
Crypto Ping Pong Digest

Trash style news. You will definitely like

Trending news

Arrow previous
Arrow next
Yellow background Yellow background
Subscribe and be in touch
Click here