Bithumb’s Ex-Chair Faces 8-Year Jail Term, but He’s Not HODLing Back as Prosecutors File Appeal!

Prosecutors File Appeal Against Bithumb's Ex-Chair, Seeking Eight-Year Jail Term

South Korean prosecutors are back at it again, filing an appeal in the alleged fraud case involving Lee Jeong-hoon, the former chair of Bithumb, a local cryptocurrency exchange. It’s like a never-ending soap opera! According to the Seoul Economic Daily, these prosecutors are pushing for an eight-year jail term for Lee, even after he was previously acquitted earlier this year. Talk about persistence!

You see, this case revolves around Lee and Kim Byung-kun, a cosmetic surgeon and chair of BK Medical Group. They are accused of engaging in fraudulent activities worth a mind-boggling 110 billion won ($85.2 million). That’s a lot of zeros! The appeal judgment is set for January 18, 2024, so mark your calendars, folks.

But wait, there’s more. Just when you thought things couldn’t get crazier, reports emerge that Bithumb, the very exchange at the center of this legal drama, is considering an IPO in Korea. Talk about adding fuel to the fire! Bithumb has even selected Samsung Securities as its underwriter, indicating that they might just go for it in the second half of 2025. Who needs reality TV when you have the world of cryptocurrencies?

So, my dear digital asset investors, get ready for another thrilling chapter in the Bithumb saga. Will Lee finally face the consequences? Will Bithumb make it to the stock market? Will this soap opera ever end? Stay tuned to find out! And remember, when it comes to cryptocurrencies, anything can happen. So fasten your seatbelts and enjoy the ride.

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P.S. If you need some distraction from all this drama, feel free to check out these hilarious cat videos. They never disappoint!

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