Bithumb’s Ex-Chair Faces Eight-Year Jail Term as Prosecutors File Appeal

Bithumb South Korea

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

November 17, 2023 00:40 EST

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South Korean prosecutors have filed an appeal in the alleged fraud case involving Lee Jeong-hoon, the former chair of local cryptocurrency exchange Bithumb.

According to the report from Seoul Economic Daily, prosecutors are once again advocating for an eight-year jail term for Lee in connection to a case centered around the proposed October 2018 takeover of Bithumb.

Lee Was Acquitted Earlier This Year

The latest appeal follows Lee’s prior acquittal earlier this year, where he was found not guilty despite prosecutors initially seeking an eight-year sentence.

The case involves Lee and Kim Byung-kun, chair of BK Medical Group and a cosmetic surgeon, with allegations of fraud-related wrongdoings amounting to at least 110 billion won ($85.2 million).

The appeal judgment is scheduled for January 18, 2024, as reported by local media.

The legal proceedings add a new chapter to the ongoing saga surrounding Bithumb’s former chair.

Coincidentally, this legal development emerged shortly after reports indicated that Bithumb is exploring plans for an initial public offering (IPO) in Korea.

Recent news from Edaily revealed that Bithumb selected Samsung Securities as its underwriter last month, signaling a potential IPO on Kosdaq in the second half of 2025.