- The Seoul High Court’s recent ruling, acquitting Lee Jeong-hoon for the second time in the $100 million fraud case, represents a significant setback for the prosecution.
- The judge’s emphasis on the lack of credible evidence further highlights the challenges faced by the prosecution, shaping the legal narrative and influencing the ongoing proceedings.
In a recent ruling by the 5th Criminal Division of the Seoul High Court, Lee Jeong-hoon, the former chairman of Bithumb Holdings and Bithumb Korea, has been acquitted for the second time in connection to a $100 million fraud case. This decision follows Lee’s initial acquittal in January 2023 on charges related to the same alleged fraud.
The case, initiated after Lee’s indictment in July 2021, centered on accusations of fraudulent activities, specifically the misappropriation of funds from cosmetic surgeon Kim Byung-Gun during negotiations for an acquisition deal. Prosecutors claimed that Lee embezzled the acquisition deposit by falsely promising to list the “BXA token.”
However, the recent court ruling declared Lee not guilty, highlighting the insufficient evidence presented by the prosecution to establish that Lee had indeed made promises regarding the coin’s listing. The judge deemed the prosecution’s case lacked credibility, supporting the position that the alleged crime could not be proven based on the evidence presented.
This marks the second instance in which Lee has been acquitted in the $100 million fraud case. The initial acquittal in January 2023 also found the charges unproven.
Background of the Allegations
The prosecution’s case revolved around allegations that Lee orchestrated a scheme to defraud $100 million from Kim Byung Gun, the chairman of BK Group and founder of a chain of cosmetic surgery clinics. The purported fraud took place during negotiations for Kim’s acquisition of Bithumb Holdings.
According to the prosecutors, Lee requested a $100 million upfront “contract fee” from Kim, promising to list the BXA token on Bithumb’s crypto exchange in return. The BXA token was associated with the Blockchain Exchange Alliance formed by Kim’s consortium in December 2018 and was intended to play a crucial role in the acquisition deal.
Despite Lee’s assurances, the BXA token was never listed on Bithumb, leading prosecutors to assert that Lee’s promise was a deceptive tactic to mislead Kim and defraud investors.
Court Emphasizes Lack of Credible Evidence
The recent court decision underscores the critical point that the prosecution failed to provide sufficient evidence to support its claims. The judge’s emphasis on the lack of credibility in the presented evidence further solidifies Lee’s acquittal in the $100 million fraud case.
This legal development raises questions about the strength of the prosecution’s case and highlights the challenges in establishing the alleged fraudulent activities. As Lee Jeong-hoon is acquitted for the second time, the legal proceedings surrounding this high-profile case continue to unfold with significant implications for the parties involved.
Legal Victory: Former Bithumb Chairman Acquitted Again in $100M Fraud Case
In a significant legal triumph, Lee Jeong-hoon, the former chairman of Bithumb Holdings, secures a second acquittal in the $100 million fraud case. The Seoul High Court’s ruling emphasized the lack of credible evidence, raising questions about the strength of the prosecution’s claims. As the legal saga continues, the case underscores the challenges in establishing alleged fraudulent activities and the implications of the repeated acquittals for the parties involved.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
