In a high-profile case in South Korea’s cryptocurrency market, prosecutors have requested an eight-year prison term for Lee Jung-hoon, the former chairman of Bithumb, the country’s second-largest crypto exchange. The appeal hearing, presided over by Judge Seo Seung-ryeol of the Seoul High Court, focuses on allegations of an $85 million fraud related to the failed listing of BXA (Bithumb Coin). Lee is accused of misleading BK Group Chairman Kim Byeong-gun into a fraudulent deal by promising to acquire and jointly manage Bithumb, with the intention of listing BXA on the exchange. The prosecution argues that Lee intentionally deceived investors about the feasibility of listing BXA and aimed to profit from the exchange’s coins. Despite being acquitted in the first trial, the prosecution appealed, claiming that Lee had the intention to deceive. Lee’s defense team challenges the reliability of Chairman Kim’s statements and denies any deceitful intentions. The appeal trial is set to resume on January 18, with the outcome closely watched by the cryptocurrency community in South Korea.

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Information	Details
Geography	Asia
Countries
Sentiment	negative
Relevance Score	1
People	Lee Jung-hoon
Companies	BK Group, Bithumb
Currencies	None
Securities	None