Not Guilty: Former Bithumb Chairman Cleared of Fraud Charges

• Seoul Central District Court’s 34th Division of the Criminal Agreement found Bithumb’s former Chairman Lee Jung-Hoon not guilty of fraud charges dating back to 2018.
• The fraud charges were based on the allegation of violation of the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud, with a sum in question of around 100 billion won ($70 million).
• This case is one of the many high-profile legal cases involving cryptocurrency entities in South Korea over the past few years.

The Seoul Central District Court’s 34th Division of the Criminal Agreement has declared Bithumb’s former Chairman Lee Jung-Hoon not guilty of fraud charges dating back to 2018. The charges were related to the acquisition of the exchange from Kim Byung-Gun, with the allegation of violation of the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud. The sum in question was pegged at around 100 billion won ($70 million).

Had Lee Jung-Hoon been found guilty, he would have been sentenced to 8 years in prison. This legal case is one of the many high-profile legal cases involving cryptocurrency entities in South Korea over the past few years. It all began when Terraform Labs and its associated tokens collapsed, and Bithumb was one of the exchanges that were raided by the authorities in the search for evidence that could help the investigation.

This Not Guilty verdict brings an end to the legal strain on Jung-Hoon and marks a victory for the crypto industry as a whole. As cryptocurrency adoption continues to grow, more and more exchanges are being put under the regulatory microscope. This verdict could set a precedent of leniency towards cryptocurrency entities, which could be beneficial for the industry’s growth and development in the long run.

As of now, Lee Jung-Hoon is free and clear of any allegations of fraud, which is a good sign for the future of cryptocurrency in South Korea. While the verdict does not guarantee that other entities will be treated fairly, it does show that the South Korean judicial system is willing to entertain the possibility of leniency in certain cases. This could open up the door for further innovation and experimentation in the crypto industry, which could be beneficial for everyone involved.