Former Bithumb President to Be Sentenced in First Instance for Alleged Fraud of 110 Billion Won on Jan. 3

According to legal sources, the Seoul Central District Court will deliver the first trial verdict at 2 p.m. against former Bithumb president Lee Jung-hoon for allegedly violating the Act on Aggravated Punishment for Specified Economic Crimes (fraud). The prosecution is reportedly asking for a sentence of eight years in prison.

Lee Jung-hoon allegedly defrauded BK Medical Group President Kim Byung-geun of part of the purchase price under the pretext of listing BXA Coin when they signed a contract to purchase Bithumb shares in October 2018.

The investigation revealed that Lee Jung-hoon made an announcement that "BXA Coin will be listed," but interrupted the listing process due to restrictions imposed by financial authorities and was accused of collusion. After that, he was transferred to trial for receiving bonds and stocks as the remaining balance without informing Kim Byung-kyun on eight occasions, and received 112 billion won (about $87.69 million) in total.