- Bithumb's inner paperwork implicated former CEO Lee Sang-joon in cryptocurrency itemizing choices.
- Lee denies involvement, however information point out he could have influenced the DOGE and KLAY listings.
- Bithumb's de facto proprietor Kang Jong-hyun and others face expenses.
Prosecutors introduced inner Bithumb paperwork as new proof of their case in opposition to the trade's former CEO Lee Sang-joon. The paperwork, dated Might 10, 2021, had been submitted to a South Korean court docket, the place Lee faces expenses associated to cryptocurrency listings on the platform.
The filings counsel that Lee, together with former Bithumb Korea CEO Heo Baek-young and former chairman of Bithumb's Token Itemizing Assessment Committee, could have been concerned in choices concerning the itemizing of Dogecoin (DOGE) and Klaytn (KLAY).
Though the id of the doc's creator stays confidential, Heo claimed that it could have been written by the committee's former chairman.
Lee denies the allegations, however the paperwork increase doubts
Lee has since denied the allegations, saying he lacked the authority to make the itemizing resolution. Nonetheless, the paperwork forged doubt on his claims and counsel he could have performed a task within the itemizing course of.
The investigation into Lee started in March 2023, when South Korean authorities investigated allegations of bribery associated to token listings on Bithumb. Lee was arraigned with out bond in September 2023.
Earlier this yr, a court docket in Seoul acquitted Lee of a multimillion-dollar fraud case. The court docket dominated that he was not responsible of defrauding Kim Byung-gun of 110 billion received ($82 million) throughout acquisition negotiations. This comes after earlier acquittals on comparable expenses, together with expenses of looking for an upfront payment for the failed itemizing of BXA tokens on Bithumb.
In the meantime, Bithumb's de facto proprietor, Kang Jong-hyun, can be going through a separate trial. Together with two different executives, Kang faces expenses of embezzlement, fraudulent transactions and breach of obligation. Studies point out that the accused have confessed to the fees.
Additionally learn: Bithumb CEO underneath investigation for bribery in trade for faux listings
Kang's sister Kang Ji-yeon, a significant shareholder in firms affiliated with Bithumb, has additionally been accused of manipulating inventory costs. In a now-deleted assertion, she defended her brother, dismissing the allegations as “unsubstantiated and one-sided”.
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