Share this article
South Korean Prosecutors Seeking 8-Year Sentence for Ex-Bithumb Chairman
Lee Jung-hoon, who led the company that operated the exchange, is charged with committing $70 million in fraud.
Updated May 9, 2023, 4:00 a.m. Published Oct 25, 2022, 10:36 a.m.
South Korean prosecutors have asked a court to sentence Lee Jung-hoon, the former chairman of Bithumb Holdings, which operates South Korean crypto exchange Bithumb, to eight years in prison on charges of $70 million fraud.
The trial took place on Tuesday, and the verdict will be delivered on Dec. 20, according to the Yonhap News Agency.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Lee is accused of stealing $70 million from Kim Byung Gun, chairman of cosmetic surgery empire BK Group, during negotiations of a deal that would have seen Kim acquire Bithumb Holdings.
Kim paid the former Bithumb Holdings chairman an upfront "contract fee" of $70 million under the condition that Bithumb would list BXA token and use proceeds of the token sale toward the acquisition.
The BXA token, which is issued by the Blockchain Exchange Alliance, which is a group that Kim helped form in 2018, was never listed on Bithumb and the deal collapsed.
"The structure of this case is a typical stock sale contract," Lee's lawyer said in defense of his client in court.
"I am very sorry for making it difficult for employees and causing social pressure," Lee added.
Bithumb didn't immediately respond to a request for comment.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
