Bithumb Ex-Chairman Facing Eight Years in Jail

The sentence in the case of Lee Jung-hoon, former chairman of the Bithumb crypto exchange, is set to be announced on December 20. Jung-hoon is facing up to eight years in prison for fraud charges if found guilty.

Jung-hoon is accused of damaging in the amount of $70 million the cosmetic surgery firm BK Group, which was supposed to acquire Bithumb. Allegedly, Bithumb failed to list the BXA token linked to the BK Group, which was part of the buying arrangement. Without profits from the BXA, there weren’t sufficient funds in BK’s coffers to proceed with the deal.

A few weeks ago, Jung-hoon missed his court hearing concerning the devastating Terra crash, due to a panic disorder. No doubt, he’s got a lot on his mind.