Seoul High Court's Fifth Criminal Division, led by Chief Judge Yoon Kang-yeol, has found Lee Jung-hoon, the former chairman of Bithumb Holdings and Bithumb Korea, not guilty.

This follows the initial acquittal in the first trial on charges of a 110 billion won ($70 million) fraud.

The court, emphasizing the lack of evidence presented by the prosecution, dismissed the notion that Lee promised coin listings based on the evidence provided.

Bithumb Dispute

Coinlive previously reported on how the legal dispute revolves around allegations that Lee deceived BK Group's chairman, Kim Byung-gun, in a potential Bithumb acquisition, involving a deceptive agreement and the listing of BXA tokens.

Prosecutors claim that Lee intentionally concealed challenges related to BXA token listing, with the alleged aim of profiting and circumventing financial regulations.

Lee's defense counters, highlighting inconsistencies in Kim's testimony and asserting that Lee fulfilled seller obligations by extending payment deadlines prior to an unexpected lawsuit.

With Bithumb eyeing a Kosdaq IPO in 2025, the verdict will have a profound impact on the exchange's future and the fate of the BXA token.