Bithumb crypto exchange owner is now much closer to facing 8 years of punishment for over $70 million fraud. 

According to a YNA report, published on 25 October, the final date of hearing on the fraud case charge against Bithumb founder owner & former chairman, Lee Jung-hoon, will be held on 20 December.

The judgment may result in 8 years of prison punishment for Lee Jung and obviously, it will put significant negative pressure on the reputation of Bithumb exchange. 

Bithumb was one of the popular crypto exchanges in Korea, so obviously, this ongoing fraud case against the Bithumb founder impacted the trust among the exchange’s users. Lee said sorry for all these things.

“I am very sorry for making it difficult for employees and causing social pressure.”

$70 million fraud case 

Allegedly a person Kim Byung Gun paid $70 million (100 billion won) to Lee, so that Gun can buy the exchange & list the BXA token, which was created by the Blockchain Exchange Alliance. 

Bithumb never listed the BXA token, so technically that deal failed. 

It is worth noting that Korean prosecutors are actively taking strict action against bad actors & fraud activities, to keep the crypto market clean for the citizens. 

The whole crypto industry is aware of the Terra blockchain ecosystem collapse.

Do Kwon, founder of Terra Project, is currently under the radar & being investigated by Korean agencies. Korean Enforcement agencies are trying to figure out whether the Terra project team was the actual culprit behind the project collapse or if it was part of a bad business model of the company.

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