• Fri. Sep 22nd, 2023



The ex-head of Bithumb was faced with a threat of imprisonment


Jan 30, 2023

The ex-head of Bithumb was faced with a threat of imprisonment

Former Bitcoin Targe Chairman BitHumb Lee Jung Hong can receive an eight-year prison term on charges of deception of investors $ 70 million. Similar requirements were presented by prosecutors, writes Yonhap.

The case is related to the sale of BXA tokens as part of the efforts to absorb the Singapore BK Group in 2018.

Lee Jung Hong carried out the pre -sale of assets in favor of the buyer in the amount of $ 25 million. Investors in the amount of ~ $ 45 million also purchased tokens.

Bithumb did not leave BXA, which served as the basis for filing a lawsuit against Lee Jung Hong and Kim Ben Gon, Chairman of BK Group, with accusations of fraud. The latter did not become a defendant in the process – the investigation came to the conclusion that he can be recognized as a victim of tokensil, like other investors.

Li lawyers claim that the implementation of tokens has passed in accordance with the “typical contract for the sale of shares”.

The court session is scheduled for December 20.

Recall that in September 2020, Seoul Police held a series of searches in the company’s offices and seized part of the BitHumb Holdings shares belonging to Kim Ben Gon.

Then the CEO exchange Lee Jung Hong was summoned for interrogation in the fraud case with bxa. Against the backdrop of news about BitHumb problems with the media authorities, they reported that the company was re -put up for sale.


The possibility of acquiring an exchange was allegedly studied by her competitor Huobi.

In January 2021, journalists called the probable buyer BitHumb Corporation Nexon Group. Representatives of the latter denied reports of a potential transaction for 500 billion won (~ $ 457 million).

In the spring it became known that the South Korean Internet giant Naver joined negotiations on the purchase of the exchange. At that time, the media reported at least ten companies applying for a share in BitHumb.

Before that, one of the largest American banks Morgan Stanley was included in the list. Among the potential buyers were Deutsche Bank, Jpmorgan, Visa, a subsidiary of the CME, Binance exchange and several other unnamed organizations.

In July, Forklog announced the interest of FTX for the purchase of a South Korean cryptocurrency exchange.

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