Former Bithumb Chair Faces 8 Years in Jail Over Alleged $70M Fraud During Acquisition
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Former Bithumb chair Lee Jeong-hoon faces 8-year imprisonment for allegedly defrauding $70M during acquisition negotiations.
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Prosecutors claim Lee knew of BXA token listing issues but didn't disclose to Bithumb's chair Kim Byung-gun.
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Lee's defense questions Kim's statements and competence, says Kim was informed of BXA progress.
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Outcome of Lee's appeal could set precedent for crypto exchange governance and regulations.
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Case highlights need for well-defined regulations to tackle governance issues and build investor trust.