Former Bithumb Chairman May Go to Prison for Reportedly Defrauding $70M
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Former Bithumb chairman Lee Jung-hoon faces an eight-year prison sentence for allegedly defrauding investors of $70 million, whereas prosecutors have filed similar claims.
The case relates to the sale of BXA tokens as part of a takeover effort by Singapore’s BK Group in 2018.
Lee Jong Hoon made a pre-sale of assets in favor of the buyer in the amount of $25 million. Investors also bought about $45M in tokens.
Bithumb failed to list BXA, prompting a lawsuit against Lee Jung-hoon and Kim Byung Gon, chairman of the BK Group, for fraud. The latter did not become a defendant in the process. The investigation concluded that he also became a victim of the token sale, like other investors.
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