Former Chairman Acquitted in $100M Fraud Case in Second Trial

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Former Bithumb Chairman, Lee Jeong-hoon, during the acquittal hearing at the Seoul High Court for the $100 million fraud case. The court emphasized the lack of evidence in the controversial trial.
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Bithumb Background and Previous Acquittal

Lee Jeong-hoon, the former chairman of Bithumb Holdings and Bithumb Korea, has once again emerged victorious in the $100 million fraud case. The recent decision by the 5th Criminal Division of the Seoul High Court echoes Lee’s earlier acquittal in January 2023 on charges related to the same alleged fraud.

Charges and Allegations

The prosecution, during the trial that began in July 2021, accused Lee of fraudulent activities, specifically claiming he stole funds from cosmetic surgeon Kim Byung-Gun. The alleged embezzlement occurred during negotiations for an acquisition deal, with Lee accused of taking the acquisition deposit under the guise of listing the “BXA token”.

Insufficient Evidence and Lack of Credibility

Despite the prosecution’s claims, the recent ruling declared Lee not guilty, emphasizing the lack of credibility in the evidence presented. The judge noted that the prosecution failed to establish that Lee had made promises to list the BXA token, casting doubt on the entire case.

The Controversial BXA Token and Acquisition Deal

Prosecutors alleged that Lee orchestrated a scheme to defraud $100 million from Kim Byung Gun, chairman of BK Group, during negotiations for Bithumb Holdings’ acquisition. Lee supposedly promised to list the BXA token on Bithumb’s crypto exchange in exchange for a $100 million “contract fee.”

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Deceptive Tactics or Lack of Proof?

Despite assurances, the BXA token was never listed on Bithumb, leading prosecutors to claim that Lee’s promise was a deceptive tactic. However, the court’s decision, now for the second time, challenges the prosecution’s narrative, raising questions about the legitimacy of the allegations against Lee Jeong-hoon.

In conclusion, Lee’s double acquittal sheds light on the complexity and controversies surrounding the $100 million fraud case, leaving lingering doubts about the veracity of the allegations and the role of the BXA token in the acquisition negotiations.



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