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[Yugocean]

Lee Jung-Hoon, the founder and former chairman of South Korean exchange Bithumb, was arrested in a $70 to $100 million crypto exchange fraud.

On January 3, a court in Seoul has acquitted Hoon of the charges. It is unclear whether Lee Jung-hoon was truly innocent; what is known is that he was found not guilty of specific economic crimes (34th Division of the Criminal Settlement), there is no proper reaction.

 

[gammarays]

In every crypto mess out there, it's usually the investors that suffer most. All these legal disputes has ended with funds gone. The former founder can go back to launch another project to continue the sequence.

 

[BullyMaguire]

it's hard to determine if the law enforcement and the justice system was already bribed. these founders are getting bolder and bolder on taking money of the Investors and they usually just go without any consequences. the only one to suffer are the investors

 

[gammarays]

it's hard to determine if the law enforcement and the justice system was already bribed. these founders are getting bolder and bolder on taking money of the Investors and they usually just go without any consequences. the only one to suffer are the investors

Ya that's corruption playing out. Most negotiations must have gone down behind the scenes for him to be acquitted. It's just the investors suffering from this mess always like you said. It's very bad.

 

[BullyMaguire]

Ya that's corruption playing out. Most negotiations must have gone down behind the scenes for him to be acquitted. It's just the investors suffering from this mess always like you said. It's very bad.

And sadly other countries doesn't even bat an eye for what happened even though the investors are from different countries.. this is why we may see more of this scam in the future because all they get a slap on their wrists. they get away rich and free

 

[gammarays]

And sadly other countries doesn't even bat an eye for what happened even though the investors are from different countries.. this is why we may see more of this scam in the future because all they get a slap on their wrists. they get away rich and free

Yes I wish other countries can come out and sue him for the mess. I believe it's not just Koreans that lost money in that platform. It's disheartening to see project owners play with investors funds and go Scot free.

 

[fiery phoenix]

I feel like the crypto world is in shambles if crypto exchanges around the world to have problems like this.Investors are the ones always left to pay the price for having trusted an unregulated system
I remember the TerraLUNA crisis,investors could not even be compensated in full

 

[BullyMaguire]

Yes I wish other countries can come out and sue him for the mess. I believe it's not just Koreans that lost money in that platform. It's disheartening to see project owners play with investors funds and go Scot free.

and it is worrying that this is not the only korean project/exchange that do this kind of move. it seems like they have no fear for the law.. maybe they are protected somehow we never know but this sucks for the investors that have lost their money and the culprit is free

 

[fiery phoenix]

Its definitely because of the lack of strict regulation around crypto and crypto regulation.Crypto is still a start up in some countries,so the law is applying to it is still a little bit loose.
Irregardless,fraud is fraud,and every fraudster should be liable to judgement.Hopefully customers are compensated accordingly

 

[gammarays]

and it is worrying that this is not the only korean project/exchange that do this kind of move. it seems like they have no fear for the law.. maybe they are protected somehow we never know but this sucks for the investors that have lost their money and the culprit is free

Ya that reminds me, Terra Luna is also from Korea. With these precedence, people will be wary of investing in their projects. Same with American projects. How come they bad-mouth others while they do worst.