Bithumb
Bithumb former chair Lee Jung-Hoon acquitted in the first instance
Lee Jung-hoon, the former chair of the South Korean cryptocurrency exchange Bithumb, was found not guilty on Jan. 3 by the 34th Division of the Criminal Agreement of the Seoul Central District Court. Jung-Hoon was on trial under accusations of violating the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud. The case has been ongoing since October 2018, when the former chairman allegedly defrauded 100 billion won ($70 million) during negotiations for the acquisition of Bithumb from Kim Byung-gun, chairman of the cosmetic surgery company BK Group. Jung-hoon could’ve faced an 8-year sentence had he been found guilty. According to the local press, in its official response to the ruling, Bithumb said it respects the court’s decision. The exchange also clarified that it i...
WEMIX token plunges 70% after it’s delisted by Korean exchanges
South Korea’s largest crypto exchanges have announced they will delist WEMIX (WEMIX) — the native token of gaming company Wemade’s blockchain platform Wemix — alleging the firm provided “false information” in response to an investment warning it was issued. Bithumb, Upbeat, Coinone, Korbit and Gopax — which are part of a collective called the Digital Asset eXchange Alliance (DAXA) — announced on Nov. 24 that they would terminate contract support for WEMIX, with trading set to end on Dec. 8. In the investment warning issued Oct. 27, DAXA alleged that there was considerably more WEMIX in circulation than Wemix had disclosed, and Wemix had pledged to work with DAXA to alleviate these concerns. After news of the decision to delist broke, WEMIX Communication released a statement claiming it had...
