South Korean Supreme Court confirms acquittal of former Bithumb chairman

The South Korean Supreme Court has upheld the acquittal of Lee Jung-hoon, former chairman of Bithumb Holdings, according to Digital Asset. The company operates the crypto exchange Bithumb, and he was indicted for fraud under the Act on the Aggravated Punishment of Specific Economic Crimes. In November 2023, prosecutors had sought an eight-year prison sentence for Lee, but both the first trial and the appellate court ruled him not guilty. With the Supreme Court’s final ruling, Lee is now cleared of all legal burdens related to the case.