Former president of crypto exchange Bithumb found not guilty by South Korean court – Terra Classic (LUNC/USD)

Former President of South Korean cryptocurrency exchange Bithumb lee jung-hoon On Tuesday, the 34th Division of Criminal Agreement of the Seoul Central District Court found him not guilty.

Jung-hoon was on trial the allegations Fraud and Violation of the Act on Serious Punishment of Specific Economic Offenses.

The case dates back to October 2018, when Jung-hoon was accused of defrauding KRW 100 billion (about $70 million) during negotiations to acquire Bithumb. kim byung-gunAccording to the president of cosmetic surgery company BK Group to Coin Telegraph.

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Had he been found guilty, Jung-hoon could have faced up to eight years in prison.

Bithumb said, I respect the decision of the court

In response to the decision, Bithumb issued a statement saying it respected the court’s decision and reiterated that the former president is not involved in the company’s current operations.

Prior to the ruling, on December 30, Bithumb’s largest shareholder Executive, park moWas found dead after being accused of embezzlement and manipulation of stock prices.

The incident followed the Singaporean courts’ August 2022 verdict, which found Byung-gun guilty. Sell BXA tokens without Jung-hoon’s consent and ordered him to return all proceeds from the sale to Singapore-based conglomerate BTHMB.

In October 2022, Jung-hoon failed to attend a parliamentary hearing concerning the Terra ecosystem upheaval, with citing a reference a mental health disorder.

Bithumb was among the companies searched by South Korean authorities after the collapse of Terra Luna lunch/usd,

In response, the South Korean exchange implemented An emergency system as a preventive measure in case of a similar incident and now must list tokens based on the same guidelines to comply with local regulations.

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