Singapore court rules in favor of Bithumb founder in acquisition case
The ruling on the civil lawsuit could affect a lower court in South Korea.
New
The legal 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 issued a ruling against Kim Byung-gun, who originally charged the owner of Bithumb, Lee Jung-hoon, o the defrauder.
According to South Korean publication Aju Daily, Friday August. On December 26, after three years of litigation, a Singapore court found Kim guilty of selling BXA coins without the permission of his partner Lee and ordered him to return the proceeds from the sale of coins to the BTHMB-based consortium. in Singapore.
The decision of this civil case may affect the trial court held in South Korea. In this case, Kim accused Lee of defrauding him in connection with a jointly planned acquisition of Bithumb.
Related: South Korean Authorities Raid 15 Entities Linked to Terra Collapse: Report
According to his account, in October 2018, Lee Jung-hoon discussed the purchase and joint management of the Korean stock exchange with the chairman of the BK group and the founder of a range of cosmetic surgery clinics, Kim Byung-gun. ThPartners has registered the BTHMB consortium to buy out a 50% stake in Bithumb Holdings – Lee reportedly received $100m upfront as a “contract fee” from Kim, another part of the funds, demanded to complete the deal acquisition, which should have come from the sale of BXA Coins issued by BTHMB.
Yet the token never listed and the consortium did not take over Bithumb because it did not pay the balance. Kim filed a lawsuit against Lee in a Korean court in 2020. But even before...
The ruling on the civil lawsuit could affect a lower court in South Korea.
New
The legal 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 issued a ruling against Kim Byung-gun, who originally charged the owner of Bithumb, Lee Jung-hoon, o the defrauder.
According to South Korean publication Aju Daily, Friday August. On December 26, after three years of litigation, a Singapore court found Kim guilty of selling BXA coins without the permission of his partner Lee and ordered him to return the proceeds from the sale of coins to the BTHMB-based consortium. in Singapore.
The decision of this civil case may affect the trial court held in South Korea. In this case, Kim accused Lee of defrauding him in connection with a jointly planned acquisition of Bithumb.
Related: South Korean Authorities Raid 15 Entities Linked to Terra Collapse: Report
According to his account, in October 2018, Lee Jung-hoon discussed the purchase and joint management of the Korean stock exchange with the chairman of the BK group and the founder of a range of cosmetic surgery clinics, Kim Byung-gun. ThPartners has registered the BTHMB consortium to buy out a 50% stake in Bithumb Holdings – Lee reportedly received $100m upfront as a “contract fee” from Kim, another part of the funds, demanded to complete the deal acquisition, which should have come from the sale of BXA Coins issued by BTHMB.
Yet the token never listed and the consortium did not take over Bithumb because it did not pay the balance. Kim filed a lawsuit against Lee in a Korean court in 2020. But even before...
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