Jung-hoon was found not guilty of fraud by the seoul central district court’s 34th division of the criminal agreement. the charges were related to violating the act on the aggravated punishment of specific economic crimes. he had accepted an upfront “contract fee” of $70 million on the promise that the exchange would list a so-called bithumb coin (bxa), which never happened and the acquisition fell through. south korean investigators determined that the fault lay not on lee, who like the other investors, was victim to foul play.
Acquittal of lee jung-hoon happened last week at the seoul central district court’s 34th division of the criminal agreement. this event was preceded by the suicide of park mo, vice president of vidente, bithumb’s largest shareholder, who was being investigated for embezzlement and stock price manipulation at the time. last october, lee jung-hoon evaded a summons to turn up as a witness before a hearing of the korean national assembly’s political affairs committee.
Accepted an upfront “contract fee” of $70 million on the promise that the exchange would list a so-called bithumb coin (bxa). bithumb noted that lee jung-hoon “is not involved in bithumb’s management at all.” local sources allege the charges against park mo were shifted onto him by his employers, the kang siblings. vidente owner kang jong-hyun was fingered by local sources as bithumb’s “hidden chairman” and kang ji-yeon allegedly heads footwear company inbiogen. jong-hyun uses his sister’s name as a front, according to a local tabloid. lee cited panic disorder and said he was no longer involved in running bithumb when he was called to appear before the korean national assembly’s political affairs committee.