Former Bithumb chairman found not guilty in second trial of $100 million fraud case

Lee Jeong-hoon, former chairman of Bithumb Holdings and Bithumb Korea, has been acquitted in a $100 million fraud case.Local media reported that before this decision was made by the Seoul High Court's Fifth Criminal Division, Lee Jeong-hoon was acquitted in January 2023 of similar charges of fraud. In the trial that began after he was charged in July 2021, prosecutors accused him of engaging in fraudulent activities, particularly stealing funds from plastic surgeon Kim Byeong-geun during acquisition negotiations. The prosecution argued that Lee embezzled the acquisition deposit under the pretext of listing the "BXA token" on the market.However, the court announced his acquittal in a recent ruling, emphasizing that the evidence provided was insufficient to prove that he had promised to list the token, and that the prosecution's case lacked credibility, supporting the position that the accused crime could not be proven based on the evidence provided.