In what can only be referred to as a legal déjà vu, former Bithumb chair Lee Jeong-hoon has once again been acquitted of charges in a multimillion-dollar fraud case. This marks the second time that Lee has been declared not guilty in relation to the case. The allegations against Lee originally surfaced in 2018, when he was accused of embezzling about 25 billion Korean won (approximately $22 million) from Bithumb’s clients. However, the Seoul Central District Court saw fit to dismiss these claims, stating that there was not enough evidence to convict Lee. The court’s decision has undoubtedly come as a relief to Lee, who had previously been holding the position of chairman at the cryptocurrency exchange prior to his legal troubles. It remains to be seen whether this acquittal will put an end to the legal woes surrounding Lee or if further developments await.
This verdict raises questions about the efficacy of the legal system, as it seems rather perplexing that Lee has been acquitted twice despite the substantial allegations against him. Bithumb, previously one of South Korea’s largest cryptocurrency exchanges, has had its fair share of controversies in recent years, including being subject to an $86 million hack in 2017. With this latest turn of events, the exchange’s reputation may face further scrutiny, as it appears that a potential fraud case involving one of its former chairs has reached an inconclusive end. Only time will tell if Lee will once again reenter the cryptocurrency industry or if he will remain embroiled in the legal sphere.
