South Korean prosecutors are charging the previous head of a serious crypto trade with fraud price practically $70 million.
In accordance with 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 harm could be very giant, and the injury is particularly nice for abnormal coin buyers.”
Lee is being charged with stealing $70 million from BK Group chairman Kim Byung Gun throughout negotiations over a deal that may have resulted in Kim proudly owning Bithumb Holdings.
The fees focus on a $70 million contract charge, paid upfront with sure caveats. The contract charge stipulated {that a} so-called ‘Bithumb Coin,’ which later got here to be generally known as the Blockchain Alternate Alliance (BXA) token, could 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 occurred, based on South Korean prosecutors.
Lee’s lawyer reportedly stated in courtroom,
“The construction of this case is a typical inventory sale contract…
Bithumb was the primary trade in Korea on the time of sale.
I’m very sorry for making it troublesome for workers and inflicting social strain.”
The sentencing for the case can be carried out on December twentieth.
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