Ex-Bithumb Chairman Found Not Guilty of 100M Fraud: Lee Jung-hoon Acquittal Finalized

The legal saga surrounding the former chairman of crypto exchange Bithumb has reached a conclusion. Junghoon Lee, the former chairman of the board of directors of Bithumb Holdings and Bithumb Korea, who was indicted on charges of fraud worth 110 billion won, has been acquitted. The case, which involved accusations of defrauding a business of $70 million during the acquisition of the South Korean crypto, has been closely watched by the cryptocurrency community and legal experts alike.

Lee Jung-hoon, the former chair of Bithumb, faced serious accusations. According to industry sources on the 13th, the Supreme Court has finalized a not guilty verdict for former Bithumb Chairman Lee Jung-hoon, who was indicted on charges. This marks the end of a long legal battle.

Lee Jung-hoon, the former chairman of the crypto exchange Bithumb, was acquitted by a South Korean court on Jan. 3. The 34th Division of the Criminal Agreement of Seoul High Court played a key role in the proceedings. According to the report, the 5th Criminal Division of the Seoul High Court found the former Bithumb executive not guilty on January 18. This latest decision marks the conclusion of the appeals process and affirms the initial acquittal.

The implications of this verdict are significant for Bithumb and the broader crypto industry in South Korea. While the legal challenges for Lee Jung-hoon are now seemingly over, the case has undoubtedly left a mark on the reputation of the exchange. This verdict will likely influence future regulations and oversight of the burgeoning cryptocurrency market in South Korea.