South Korean prosecutors are charging the previous head of a significant crypto alternate with fraud price almost $70 million.
In response to 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 extraordinary coin buyers.”
Lee is being charged with stealing $70 million from BK Group chairman Kim Byung Gun throughout negotiations over a deal that might 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 often known as the Blockchain Change 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 came about, in accordance with 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 alternate in Korea on the time of sale.
I’m very sorry for making it tough for workers and inflicting social strain.”
The sentencing for the case can be carried out on December twentieth.
Do not Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox
Examine Value Motion
Observe us on Twitter, Fb and Telegram
Surf The Day by day Hodl Combine
Featured Picture: Shutterstock/sashatverdy