South Korean court sentences Lee Jung-hoon to 8 years in first instance for allegedly defrauding 110 billion won

According to the Korean media Today Finance, the South Korean court sentenced Li Zhengxun to 8 years in prison for allegedly defrauding 110 billion won in the first instance. In October, South Korean prosecutors asked the court to sentence Li Zhengxun, the actual owner of the encryption exchange Bithumb, to 8 years in prison. Foresight News noted that in October 2018, Li Zhengxun and BK Group Chairman Kim Byung-gun were in the process of negotiating the sale of Bithumb shares. After hearing Li Zhengxun's statement that BXA (Bithumb token) would be listed on Bithumb, Kim Byung-gun used part of the funds from the pre-sale of BXA (approximately 110 billion won) purchased the shares of Bithumb, but BXA was not listed on Bithumb, and the acquisition of Bithumb by BK Group did not come to an end.