Former Bithumb Holdings Chairman Lee Jeong-hoon, who was indicted on charges of fraud involving about 110 billion won, was acquitted by the Supreme Court.
According to the legal community on the 17th, the first division of the Supreme Court (presiding Justice Seo Kyung-hwan) dismissed the prosecution's appeal against former Chairman Lee Jeong-hoon, who was indicted on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, and upheld the second trial's not guilty verdict.
Lee is accused of embezzling about 112 billion won under the pretext of proposing the acquisition of Bithumb to BK Group Chairman Kim, claiming that he would issue a so-called "Bithumb Coin" (BXA) and have it listed on Bithumb.
Kim, believing Lee's words, partially used the proceeds from the pre-sale of BXA as funds for acquiring equity in Bithumb. However, BXA was not listed on Bithumb, and Kim's acquisition of Bithumb fell through. The prosecution sought an eight-year prison sentence for the former chairman during the first trial's closing arguments in October 2022.
However, the first trial court acquitted the former chairman. The appellate court also issued a not guilty verdict in January last year. The appellate court stated, "While some exaggerated statements and breaches of disclosure obligations may be partially considered in civil liability, it is insufficient to view the contract itself as a crime punishable under the criminal law." It further noted, "When synthesizing the claims of the victims and the testimonies of those involved, there is insufficient evidence to constitute guilt."
The Supreme Court also concluded that there were no issues with the second trial's ruling.