<div class="cryptonews">
 <p class="is-style-lead">Prosecutors have asked for an eight-year sentence for former Bithumb Chairman Lee Jung Hoon, who is charged with violating the law for certain economic crimes.</p>
 <p>The 5th criminal division of the Seoul High Court held an appeal hearing on the charges against former Chairman Lee Jong-hoon.</p>
 <p>He is accused of causing damages amounting to 110 billion won after deceiving BK Group Chairman Kim Byung-gun by offering to acquire and jointly manage Bithumb and claiming that he would list BXA (Bithumb Coin) on Bithumb.</p>
 <p>At his first trial, the prosecution sought eight years’ imprisonment for former Chairman Li, but the court acquitted him. The prosecution did not agree with this and immediately filed an appeal.</p>
 <blockquote class="wp-block-quote">
  <p>“The defendant planned to change the management structure to one in which a foreign company controls Bithumb in order to avoid regulation by financial authorities and make a profit by exchanging coins.”</p> <cite>Prosecution statement</cite>
 </blockquote>
 <p>In February, South Korean authorities arrested the former <a rel="noopener noreferrer nofollow" title="chairman" href="https://thebittimes.com/tag/chairman.html">chairman</a> of the Bithumb crypto exchange on suspicion of embezzlement and fraud.</p>
 <p>Kang Jong Hyun is the actual owner of Bithumb and structures close to the exchange.</p>
 <p>According to investigators, Kan’s sister and brother (who hold senior positions in structures affiliated with Bithumb) misappropriated money from the cryptocurrency exchange and helped him in fraud with shares.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bithumb-s-ex-chairman-might-face-8-years-in-prison-tbt70645.html">https://thebittimes.com/bithumb-s-ex-chairman-might-face-8-years-in-prison-tbt70645.html</a></p>

Bithumb’s ex-chairman might face 8 years in prison

TheBitTimes

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