{"id":534274,"date":"2023-01-03T10:23:19","date_gmt":"2023-01-03T07:23:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bithumb-former-chair-lee-jung-hoon-acquitted-in-the-first-instance\/"},"modified":"2023-01-03T10:23:19","modified_gmt":"2023-01-03T07:23:19","slug":"bithumb-former-chair-lee-jung-hoon-acquitted-in-the-first-instance","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bithumb-former-chair-lee-jung-hoon-acquitted-in-the-first-instance\/","title":{"rendered":"# Bithumb former chair Lee Jung-Hoon acquitted in the first instance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27f152855f4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27f152855f4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bithumb-former-chair-lee-jung-hoon-acquitted-in-the-first-instance\/#%E2%80%9D_Bithumb_former_chair_Lee_Jung-Hoon_acquitted_in_the_first_instance_%E2%80%9C\" >&#8221; Bithumb former chair Lee Jung-Hoon acquitted in the first instance  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bithumb_former_chair_Lee_Jung-Hoon_acquitted_in_the_first_instance_%E2%80%9C\"><\/span>&#8221; Bithumb former chair Lee Jung-Hoon acquitted in the first instance  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvZDU5NmI4MjAtYjQwNS00ZDQ1LTlmODMtOTM3ZDUyZWE1YTJhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ed77c39>Lee Jung-hoon, the former chair of the South Korean cryptocurrency exchange Bithumb, was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hankyung.com\/finance\/article\/202301038848B\">found<\/a> not guilty on Jan. 3 by the 34th Division of the Criminal Agreement of the Seoul Central District Court.<\/p>\n<p>Jung-Hoon was on trial under accusations of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/elaw.klri.re.kr\/eng_mobile\/viewer.do?hseq=46410&amp;type=part&amp;key=9\">violating<\/a> the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud.<\/p>\n<p>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.<\/p>\n<p>Jung-hoon could\u2019ve faced an 8-year sentence had he been found guilty. According to the local press, in its official response to the ruling, Bithumb said it respects the court\u2019s decision.<\/p>\n<p>The exchange also clarified that it is under \u201cprofessional managers\u201d and the former chairman is not involved in current operations.<\/p>\n<p>Almost a week prior to the ruling, on Dec. 30 Bithumb\u2019s largest shareholder executive Park Mo was found dead after he received allegations of embezzlement and manipulation of stock prices.\u00a0<\/p>\n<p><strong><em><u>Related: <\/u><\/em><\/strong><strong><em>South Korea investigates crypto exchanges for listing native tokens<\/em><\/strong><\/p>\n<p>These developments followed a decision by Singaporean courts back in Aug. 2022, which found Byung-gun guilty of selling BXA tokens without the consent of Jung-hoon.<\/p>\n<p>The ruling ordered him to return all proceeds from the sale of BXA back to the Singapore-based group BTHMB.<\/p>\n<p>Later in October 2022, Jung-hoon failed to attend a parliamentary hearing during the Terra ecosystem turmoil, citing a mental health disorder.<\/p>\n<p>Bithumb was one of the\u00a0companies raided by South Korean authorities in the aftermath of the Terra Luna collapse.<\/p>\n<p>After the collapse, exchanges in South Korea created an emergency system as a preventative measure in case of a feature Terra-style incident. To ensure compliance with local regulations, all local exchanges must now list tokens based on the same guidelines.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bithumb-former-chair-lee-jung-hoon-acquitted-in-the-first-instance\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bithumb former chair Lee Jung-Hoon acquitted in the first instance &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":534275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/d596b820-b405-4d45-9f83-937d52ea5a2a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75610,74863,74860,117,71006,70934,72420],"class_list":["post-534274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bithumb","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-business","tag-fraud","tag-regulation","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/534274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=534274"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/534274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/534275"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=534274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=534274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=534274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}