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 […]
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 […]
Bithumb ex-chairman could face 8 years prison over alleged $70M fraud
The former chairman of the South Korean cryptocurrency exchange Bithumb, Lee Jung-hoon, could face a possible maximum sentence of eight years in prison if found guilty on charges related to an alleged fraud worth $70 million. Local prosecutors asked the Seoul District Court for the sentence on Oct. 25, with the sentencing hearing will be […]
Singapore court rules in favor of Bithumb founder in acquisition case
The court drama behind the acquisition of South Korean crypto exchange Bithumb has been going on for several years, but in an unexpected development, a Singapore court has made a ruling against Kim Byung-gun, who has originally accused the owner of Bithumb, Lee Jung-hoon, in defrauding him. According to the South Korean publication Aju Daily, […]
Korean Bithumb exchange to launch NFT marketplace
South Korean crypto exchange Bithumb is developing an NFT marketplace with “a large company” thought to be LG CNS, a subsidiary of LG Corporation. Bithumb CEO Heo Baek-young confirmed in a Jan. 13 interview that the exchange was currently developing a nonfungible token (NFT) exchange which would help it stay competitive with Korbit and Upbit, […]
Bithumb crypto exchange reportedly bans foreigners without mobile KYC
South Korean crypto exchange Bithumb has reportedly announced a ban on foreigners who have not completed phone-based Know Your Customer (KYC) verification. According to local coverage by Pulse, non-Koreans using the Bithumb crypto exchange will be subject to mandatory mobile verification. While the rule is reportedly set to be effective from this year, the exact […]
30-somethings led crypto purchases at South Korean exchanges in 2021
Crypto users between 30-39 years old in South Korea are reportedly the demographic with the most deposits on major exchanges in the country. According to a Sunday report from the Yonhap News Agency, South Korean residents in their 30s deposited roughly 2.2 trillion KRW — $1.9 billion at the time of publication — to crypto […]