Former Bithumb chair faces 8-year imprisonment By Cointelegraph

Lee Jeong-hoon, the former president of Bithumbone of South Korea’s leading cryptocurrency exchanges, is at the center of a legal battle and could face an eight-year prison sentence, with the verdict scheduled for January 18, 2024.

According to According to local Korean media, prosecutors say Lee intended to reorganize Bithumb’s governance to profit from the exchange tokens, bypassing financial regulations. The case has been ongoing since October 2018, when former President allegedly defrauded 100 billion won ($70 million) during negotiations for the acquisition of Bithumb from Kim Byung-gun, president of cosmetic surgery company BK Group. Prosecutors say Lee knew about the difficulties with listing BXA tokens, but did not disclose them to Kim. Despite listing issues, Lee allegedly received payments without informing Kim of the decision not to list the BXA token.