Trial of Bithumb Operator’s CEO Begins

The trial of the CEO of South Korean cryptocurrency exchange Bithumb has begun, with prosecutors seeking a 10-year jail sentence for fraud and embezzlement.

In August 2018, Bithumb’s founder and CEO, Bong-ki Kim, was accused of embezzlement and fraud. The charge claimed that Kim had siphoned off around $25 million of investors’ funds to acquire several companies, including a bio healthcare business, garnering attention from investors. This was done without the knowledge or agreement of the investors.

Kim plead not guilty, claiming that everything was done in the interest of the business and with approval from majority shareholders. Kim also claim that the evidence presented by the prosecution is fabrications.

The judgement of the court is being carefully watched as it will decide the fate of South Korea’s largest cryptocurrency exchange. The court’s ruling is expected by the end of this month.

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