South Korean prosecutors appeal for an 8-year sentence for ex-Bithumb chair in fraud case, as Bithumb aims for 2025 IPO despite legal woes.
Appeal Against Former Bithumb Chair for Fraud South Korean prosecutors are seeking an eight-year prison sentence for Lee Jeong-hoon, the former chair of Bithumb, a major cryptocurrency exchange. According to the Seoul Economic Daily, this is the latest development in a high-profile fraud case.
Lee is accused of engaging in fraud during a potential Bithumb takeover in 2018. Despite being released from jail previously, his final sentence will be decided on January 18, 2024.
Bithumb Plans an IPO Despite Legal Issues
Despite the court proceedings, Bithumb is planning an initial public offering (IPO) in 2025, with a goal of being listed on the Kosdaq. Samsung Securities has been chosen as the IPO's underwriter.