• The court docket acquitted Bithumb's former chairman of fraud prices.
• This determination marks the second acquittal of the manager previously two years.
• Lee beforehand confronted as much as eight years in jail below South Korean legislation.

Based on native media stories, the Seoul Excessive Courtroom has acquitted Lee Jung-hoon, former chairman of main cryptocurrency trade Bithumb, towards prices introduced by prosecutors.

Based on stories, the Fifth Felony Division of the Seoul Excessive Courtroom acquitted former Bithumb executives on January 18th. This verdict marks the second acquittal of the previous chairman in a multi-million greenback fraud case.

In July 2021, Lee was indicted and indicted by prosecutors on suspicion of defrauding Kim Byung-gun of 110 billion received (roughly $82 million) throughout acquisition negotiations. Prosecutors additionally accused Mr. Lee of agreeing to record the BXA token on Bithumb regardless that he was satisfied it was unattainable. Moreover, the corporate's troubled chairman is claimed to have demanded 110 billion received as an advance cost for contract negotiations.

In parallel with the token suspicions, prosecutors accused Chairman Lee of reorganizing Bithumb to revenue from digital forex trade providers whereas circumventing home monetary rules.

The protection staff argued that Kim's testimony was inconsistent and had questionable reliability. Moreover, Mr. Lee pleaded not responsible, stating that he had fulfilled all his obligations as a vendor to Mr. Kim.

Nevertheless, a latest court docket determination dominated towards the prosecution relating to the alleged token record. Specifically, the court docket said that it can’t be thought-about that the chairman promised to record the tokens primarily based on the proof offered by the prosecution.

Beneath South Korean legislation, the previous chairman may have been sentenced to as much as eight years in jail. The acquittal seems to have averted a jail sentence for Lee.