Lee Jung-hoon, Former Bithumb Holdings Chairman, Also Acquitted in 2nd Trial on 100 Billion Won Fraud Charges

Court: "Insufficient to Consider as Fraud"

Lee Jeong-hoon, former chairman of the board of Bithumb Holdings and Bithumb Korea, who was prosecuted on charges of fraud involving 100 billion won, was acquitted in the second trial following the first trial.

On the 18th, the Criminal Division 5 of the Seoul High Court (Presiding Judges Seo Seung-ryeol, Ahn Seung-hoon, Choi Moon-soo) upheld the original verdict that acquitted Lee, who was charged with fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.

The court stated the reason for dismissing the prosecutor's appeal, saying, "It is recognized that the defendant gained significant economic benefits from this case while the victim suffered substantial economic losses, and it is also true that we feel sorry for why the victim had to sacrifice personal assets to such an extent to fulfill this contract. However, we have ultimately judged that it is insufficient to be evaluated as fraud punishable under criminal law."

Lee is accused of deceiving Kim, chairman of BK Group, in October 2018 by promising to issue and list 'Bithumb Coin (BXA)' on Bithumb while restricting the acquisition and joint management of Bithumb, and then embezzling about 100 million dollars (equivalent to 112 billion won at the time) as a deposit.

The victim, Kim, trusted Lee's words and paid about 120 billion won, but BXA was not listed on Bithumb, and Kim's acquisition of Bithumb also fell through.

In January last year, the first trial court ruled that the credibility of the victim Kim and others' testimonies was insufficient and acquitted Lee, stating, "It cannot be recognized that Lee guaranteed the coin listing in the contract with the victim."