Former Bithumb Chairman, Lee Jeong-hoon, faces an eight-year prison sentence over allegations of manipulating Bithumb's governance in a complex cryptocurrency scandal, with a verdict set for January 18, 2024, potentially impacting Bithumb's future and regulatory scrutiny in the industry.
JasperAccording to local media reports, the owner of South Korea's largest cryptocurrency exchange, Bithumb, was arrested in the country on Thursday.
BitcoinistEligible customers will be able to withdraw 94% of the funds. The remaining users need clarity on when they can get their funds back.
BeincryptoThe raid centers around suspected price manipulation of an unidentified coin.
cryptopotatoThe Kang siblings are charged with embezzlement, breach of trust, and market manipulation.
cryptopotatoThe NTS will supposedly investigate whether Bithumb and its alleged owner Kang Jong-hyeon have breached taxation policies.
cryptopotatoLee Jung-hoon will not go to prison after Judge Kang Gyu-Tae proclaimed him not guilty of committing fraud.
cryptopotatoCustomer withdrawals that were previously processing but backlogged have been halted altogether, according to an announcement in the FTX Support Telegram group.
CoindeskThe crypto exchange said it had $48 million in exposure with Babel Finance and $5 million with Celsius — both firms faced liquidity and insolvency issues, respectively.
CointelegraphCrypto CeFi lender Vauld has suspended "all withdrawals, transactions and deposits."
Cointelegraph