Prosecutors file appeal in alleged fraud case involving ex-Bithumb chair: report

Prosecutors in South Korea filed an appeal in an alleged fraud case involving Lee Jeong-hoon, former chair of local crypto exchange Bithumb.

South Korean news outlet Seoul Economic Daily reported today that prosecutors had reiterated their call for an eight-year jail term for Lee, in an appeal hearing on Thursday.

The case centers on the proposed October 2018 takeover of Bithumb, a plan involving both Lee and Kim Byung-kun, who was chair of BK Medical Group and a cosmetic surgeon, and alleged fraud-related wrongdoings involving at least 110 billion won ($85.2 billion).

Lee was previously found not guilty in the first instance — after prosecutors had sought eight years of jail time — earlier this year. The appeal judgment against Lee is scheduled for January 18, 2024, according to the local media report.

The news comes less than a week after Bithumb was reportedly starting to plan for an initial public offering in Korea. Edaily reported on Sunday that Bithumb chose Samsung Securities as its underwriter last month for a potential IPO planned in the second half of 2025 on Kosdaq.

Bithumb did not immediately respond to The Block’s request for comment.

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