{"id":12939,"date":"2023-11-18T16:40:42","date_gmt":"2023-11-18T21:40:42","guid":{"rendered":"http:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/"},"modified":"2023-11-18T16:40:42","modified_gmt":"2023-11-18T21:40:42","slug":"former-bithumb-chair-faces-8-year-imprisonment","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/","title":{"rendered":"Former Bithumb chair faces 8-year imprisonment"},"content":{"rendered":"<p> <br \/>\n<br \/><noscript><img decoding=\"async\" class=\"lazyload\" src=\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/47bc14a6-512b-473e-b132-63066ba27c38.jpg\" \/><\/noscript><\/p>\n<div data-v-8081b7b6=\"\">\n<p>Lee Jeong-hoon, the former chair of Bithumb, one of South Korea\u2019s major cryptocurrency exchanges, is at the center of a legal battle and might face an eight-year prison sentence, with a verdict scheduled for Jan. 18, 2024.<\/p>\n<p>According to Korean local media reports, prosecutors contend that Lee intended to revamp Bithumb\u2019s governance to gain from exchange tokens, circumventing financial regulations. The case has been ongoing since October 2018, when the former chair\u00a0allegedly defrauded 100 billion won ($70 million) during negotiations for the acquisition of Bithumb from Kim Byung-gun, chair of the cosmetic surgery company BK Group.\u00a0Prosecutors claim Lee knew about challenges in the BXA token listing but didn\u2019t disclose it to Kim. Despite listing issues, Lee purportedly received payments without informing Kim about the decision not to list the BXA token.<\/p>\n<p>The South Korean prosecutors requested an eight-year prison sentence for Lee.<\/p>\n<p>Lee\u2019s defense challenges the claims, pointing out discrepancies in Kim\u2019s statements and questioning his reliability. Lee insists on Kim\u2019s competence to lead Bithumb, maintaining that Kim was informed about the progress of the BXA token listing.<\/p>\n<p>Lee faces legal issues related to accusations of violating the Act on Aggravated Punishment for Specified Economic Crimes, particularly fraud.<\/p>\n<p><strong>Related: <\/strong><strong>Bithumb plans to be first crypto exchange listed on Korea stock market: Report<\/strong><\/p>\n<p>The decision on Lee\u2019s ongoing appeal might set a precedent for legal proceedings involving cryptocurrency exchanges and governance. This development coincides with Bithumb\u2019s preparations for an initial public offering\u00a0on Kosdaq by 2025.<\/p>\n<p>The appeal\u2019s result will significantly impact Bithumb\u2019s future and the fate of BXA tokens. A guilty verdict might trigger a reassessment of governance frameworks in cryptocurrency exchanges, potentially resulting in increased regulatory scrutiny.<\/p>\n<p>While the cryptocurrency community and investors anticipate the appeal outcome, the case underscores the industry\u2019s dynamic nature and the necessity for well-defined regulatory frameworks to tackle governance issues and uphold trust among investors and stakeholders.<\/p>\n<p><strong>Magazine: <\/strong><strong>2 years after John McAfee\u2019s death, widow Janice is broke and needs answers<\/strong><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/former-bithumb-chairman-faces-eight-year-imprisonment\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lee Jeong-hoon, the former chair of Bithumb, one of South Korea\u2019s major cryptocurrency exchanges, is at the center of a legal battle and might face an eight-year prison sentence, with a verdict scheduled for Jan. 18, 2024. According to Korean local media reports, prosecutors contend that Lee intended to revamp Bithumb\u2019s governance to gain from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-12939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Former Bithumb chair faces 8-year imprisonment - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former Bithumb chair faces 8-year imprisonment\" \/>\n<meta property=\"og:description\" content=\"Lee Jeong-hoon, the former chair of Bithumb, one of South Korea\u2019s major cryptocurrency exchanges, is at the center of a legal battle and might face an eight-year prison sentence, with a verdict scheduled for Jan. 18, 2024. According to Korean local media reports, prosecutors contend that Lee intended to revamp Bithumb\u2019s governance to gain from [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/\" \/>\n<meta property=\"og:site_name\" content=\"Leading Crypto News\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-18T21:40:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2023\/11\/Former-Bithumb-chair-faces-8-year-imprisonment.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"799\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"LCN-Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"LCN-Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/\"},\"author\":{\"name\":\"LCN-Admin\",\"@id\":\"https:\/\/leadingcryptonews.com\/#\/schema\/person\/a303f33566761f963a7c3c0cde394e30\"},\"headline\":\"Former Bithumb chair faces 8-year imprisonment\",\"datePublished\":\"2023-11-18T21:40:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/\"},\"wordCount\":344,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/leadingcryptonews.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2023\/11\/Former-Bithumb-chair-faces-8-year-imprisonment.jpg\",\"articleSection\":[\"Blockchain\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/\",\"url\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/\",\"name\":\"Former Bithumb chair faces 8-year imprisonment - Leading Crypto News\",\"isPartOf\":{\"@id\":\"https:\/\/leadingcryptonews.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2023\/11\/Former-Bithumb-chair-faces-8-year-imprisonment.jpg\",\"datePublished\":\"2023-11-18T21:40:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/#primaryimage\",\"url\":\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2023\/11\/Former-Bithumb-chair-faces-8-year-imprisonment.jpg\",\"contentUrl\":\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2023\/11\/Former-Bithumb-chair-faces-8-year-imprisonment.jpg\",\"width\":1200,\"height\":799,\"caption\":\"Former Bithumb chair faces 8-year imprisonment\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/leadingcryptonews.com\/former-bithumb-chair-faces-8-year-imprisonment\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/leadingcryptonews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Former Bithumb chair faces 8-year imprisonment\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/leadingcryptonews.com\/#website\",\"url\":\"https:\/\/leadingcryptonews.com\/\",\"name\":\"DarkCrypto\",\"description\":\"Latest Bitcoin &amp; 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