Police Reopen Investigation into Bithumb Chairman Lee Jung-hoon

Seoul Metropolitan Police Agency

Inquires into Former Bithumb Chairman Lee Jung-hoon

The Seoul Metropolitan Police Agency has reopened an investigation into Lee Jung-hoon, the former chairman of Bithumb Korea, after a group of 14 investors filed their second fraud complaint in mid-July.

Kim Byung-gun

Under Investigation for Alleged Fraud Charges

Kim Byung-gun, chairman of BK Group, an entity specializing in medical and investment businesses, is also under investigation on alleged fraud charges linked to Lee Jung-hoon.

Allegations

Investors claimed that Lee offered 718 bitcoins and 7,793 Ethereum worth 6.92 billion won ($6.01 million) to Kim Byung-gun in October 2018, promising to take over Bithumb Korea and issue an unlisted coin called BXA. However, the takeover never materialized, and all investments were paid to Lee, who allegedly kept the promised funds.

Sale of Bithumb Korea

The sale of Bithumb Korea fell through in September 2019, with Kim reportedly making a downpayment of $100 million to Lee Jung-hoon but failing to pay the balance. The