'Bithumb Global' Virtual Currency Fraud Executives Sentenced in Retrial
CryptoNewsTerminal Staff22 Aug, 2024
'Bithumb Global' Virtual Currency Fraud Executives Sentenced in Retrial
'Bithumb Global' Virtual Currency Fraud Executives Sentenced in Retrial Seven former executives of virtual currency exchange 'Bithumb Global' have been sentenced to prison in a retrial for fraud reaching 2 trillion won (approximately $1.6 billion). The retrial concluded on February 22nd at the Suwon High Court in South Korea. Yang Mo, the highest-ranking executive charged, received a six-year prison sentence, reduced from an eight-year sentence imposed in the original trial. The executives were found guilty of colluding with the Bithumb Global management team to embezzle approximately 2 trillion and 200 billion won from 52,000 members between July 2020 and April 2021. The retrial sentence marks the conclusion of a high-profile case that has drawn attention to the regulation and security of virtual currency exchanges in South Korea. The executives' actions resulted in significant financial losses for victims, highlighting the need for increased oversight and investor protection measures in the virtual currency industry.
