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Former Bithumb Chairman May Face Eight Years in Prison for Alleged $70M Fraud

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Lee Jung-hoon, the former chairman of Bithumb Holdings, the company that operates South Korea’s second-largest cryptocurrency exchange, could face a maximum sentence of eight years in prison if found guilty on charges related to an alleged fraud worth 100 billion won, or roughly $70 million.

The trial took place on October 25 at the Seoul District Court, with the verdict to be delivered on December 20, per local media reports.

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