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News Explorer — Former Bithumb Chair Faces Prison Sentence for $70 Million Fraud

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Nov 18, 12:01 pm

Cointelegraph

Former Bithumb Chair Faces Prison Sentence for $70 Million Fraud

Lee Jeong-hoon, former chair of Bithumb, is facing an eight-year prison sentence for allegedly defrauding $70 million during negotiations for the acquisition of the cryptocurrency exchange. Prosecutors claim that Lee intended to gain from exchange tokens and circumvent financial regulations. The verdict is scheduled for January 18, 2024.

Lee Jeong-hoon, former chair of Bithumb, is facing an eight-year prison sentence for allegedly defrauding $70 million during negotiations for the acquisition of the cryptocurrency exchange. Prosecutors claim that Lee intended to gain from exchange tokens and circumvent financial regulations. The verdict is scheduled for January 18, 2024.

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