Former Bithumb President Faces Imprisonment: Will An 8-Year Prison Sentence Be Issued?

The former president of Bithumb, Lee Jeong-hoon, could face an eight-year prison sentence if found guilty in the appeal process.

The former president of Bithumb, Lee Jeong-hoon, is currently at the center of a legal battle, facing the risk of an eight-year prison sentence as revealed in a decision to be announced on January 18, 2024.

According to reports in the South Korean media, prosecutors accuse Jeong-hoon of manipulating Bithumb's management and financial regulations to profit from cryptocurrency tokens. The case is ongoing, involving Jeong-hoon allegedly defrauding Kim Byung-gun, the president of BK Group, in his attempt to acquire Bithumb. The case, ongoing since October 2018, encompasses an embezzlement worth 100 billion won (70 million dollars).

Prosecutors claim that Jeong-hoon was aware of the conditions for listing the BXA token but did not inform Kim about it. Jeong-hoon is accused of receiving payment without disclosing the decision not to list the BXA token, despite listing issues.

South Korean prosecutors are seeking an eight-year prison sentence for Lee Jeong-hoon. Jeong-hoon's defense challenges the accusations by pointing out inconsistencies in Kim's statements and questioning his credibility. Jeong-hoon expresses doubts about Kim's ability to manage Bithumb and asserts that Kim was informed about the listing process of the BXA token.

Jeong-hoon faces charges of aggravated violations of the Act on Specific Economic Crimes, including fraud. The outcome of Jeong-hoon's appeal could set a precedent for legal responsibilities concerning cryptocurrency exchanges and their executives. This situation could significantly impact the future of Bithumb and the fate of BXA tokens while influencing cryptocurrency regulations and governance. The crypto community and investors are eagerly awaiting the outcome of Jeong-hoon's appeal. This case underscores the challenges in the crypto industry and emphasizes the importance of well-defined regulatory frameworks.