Former Bithumb chair faces 8-year imprisonment

Lee Jeong-hoon, the former chair of Bithumb, one of South Korea’s major cryptocurrency exchanges, is at the center of a legal battle and might face an eight-year prison sentence, with a verdict scheduled for Jan. 18, 2024.

According to Korean local media reports, prosecutors contend that Lee intended to revamp Bithumb’s governance to gain from exchange tokens, circumventing financial regulations. The case has been ongoing since October 2018, when the former chair allegedly defrauded 100…