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Former Bithumb Korea Chairman Handed Over to Prosecutors

The move may mean the investigation is beginning to intensify.

Apr 26, 2021 at 9:52 a.m. UTC
Updated Sep 14, 2021 at 12:46 p.m. UTC

A former chairman of Bithumb Korea has been turned over to prosecutors, seven months after being called in for questioning by police on charges of fraud.

According to a report by CoinDesk Korea, the Intelligent Crime Investigation Unit of the Seoul Metropolitan Police Agency has handed Lee Jung-hoon to the Supreme Prosecutors Office of the Republic of Korea.

Lee stands accused of defrauding investors under the country's Act On The Aggravated Punishment, Etc. of Specific Economic Crimes.

The handing over by police to prosecutors may mean the investigation is beginning to intensify. Unlike the U.S., the office has the power to conduct search and seizures, call people in for questioning and mobilize the police.

In September last year, South Korean officials raided Bithumb's headquarters in the Gangnam District in Seoul linked to a $25 million token sale and proposed acquisition by Singapore platform BTHMB.

Lee was later summoned by police in September and investigated but was never detained. Meanwhile, the Seoul Central District Court reportedly seized Kim's shares in Bithumb around the same time last year.

Authorities have decided not to pursue other charges against Lee relating to evading property abroad and the Foreign Investment Promotion Act, according to the report.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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