South Korean prosecutors are charging the previous head of a serious crypto change with fraud price almost $70 million.
Based on a report from the South Korean information outlet Yonhap Information Company, state prosecutors have requested for eight years in jail for Lee Jung-hoon, the previous head of Bithumb.
Says the South Korean prosecutors,
“The quantity of injury may be very giant, and the injury is very nice for atypical coin traders.”
Lee is being charged with stealing $70 million from BK Group chairman Kim Byung Gun throughout negotiations over a deal that will have resulted in Kim proudly owning Bithumb Holdings.
The fees focus on a $70 million contract payment, paid upfront with sure caveats. The contract payment stipulated {that a} so-called ‘Bithumb Coin,’ which later got here to be generally known as the Blockchain Trade Alliance (BXA) token, can be listed as a part of the deal. However when Bithumb by no means listed BXA, the deal fell via, which is when the alleged fraud happened, based on South Korean prosecutors.
Lee’s lawyer reportedly mentioned in court docket,
“The construction of this case is a typical inventory sale contract…
Bithumb was the primary change in Korea on the time of sale.
I’m very sorry for making it troublesome for workers and inflicting social stress.”
The sentencing for the case will likely be carried out on December twentieth.
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