Upbit operator Dunamu executive found not guilty in alleged Bitcoin fraud case

The Supreme Court of South Korea acquitted Upbit operator Dunamu’s chairman Song Zhiheng (transliteration), chief financial officer Nam and director of the data value office Kim in the case of falsifying data and suspected Bitcoin fraud. Previously, Song Zhiheng and others were accused of creating fake member accounts on Upbit from September to November 2017, pretending to deposit assets worth 122.1 billion won, and making profits by inducing transactions between actual members. Prosecutors also accused the account of fraud, believing that the account earned 149.1 billion won by selling 11,550 bitcoins to 26,000 members. The court upheld the acquittals in three judgments, saying the current evidence did not prove the facts of the indictment. (Yonhap News Agency)