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[Alpha Biz=(Chicago) Reporter Kim Jisun] The real owner of Bithumb, a virtual asset exchange that has been accused of fraud worth 110 billion won, was also acquitted by an appeals court.
The Seoul High Court's Criminal Affairs Department 5 on the 18th acquitted Lee Jung-hoon, former chairman of the board of directors of Bithumb Holdings and Bithumb Korea, who were indicted on charges of fraud and other charges under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes, as in the first trial.
"The first judgment that Lee did not cheat about his commitment to the listing of the coin is reasonable," the court said. "The circumstances, including some exaggerated statements and violations of notification obligations, may be partially considered in relation to civil responsibility, but the conclusion of the contract itself is not enough to be considered as a fraud subject to punishment under criminal law."
Former chairman Lee has been suspected of proposing BK Group Chairman Kim to take over Bithumb in 2018, deceiving him into listing the so-called "BXA" coin on Bithumb and stealing about 112 billion won in the name of a deposit.
Earlier in January last year, the first trial acquitted Lee, saying, "We cannot admit that he promised to list coins in a contract he signed with the victim."
Lee is known as the largest shareholder of Bithumb Holdings, the largest shareholder of Bithumb Korea, which operates the virtual asset exchange Bithumb. It actually owns Bithumb through personal shares and friendly shares.
Former Chairman Lee founded 'Item Mania', which deals with game items in the past, and sold it to Goldman Sachs, an investment bank.
The second largest shareholder of Bithumb Holdings owns 34.22% of Vident. At one time, Kang used Vident's chairman's business card, raising suspicions that Kang might be the real owner of Bithumb.
However, Kang only acquired a stake in Vident and is not related to former chairman Lee.
Former chairman Lee has been acquitted by an appeals court following the first trial, which is expected to speed up Bithumb's initial public offering and IPO work.
Bithumb selected Samsung Securities as the organizer at the end of October last year and is promoting IPO for the first time in the industry. The listing period is expected to be the second half of next year.
Former chairman Lee also returned as an in-house director of Bithumb Holdings last year in line with the IPO drive.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
