Evidence of Insider Trading Exposed in Court: Former Bithumb CEO Implicated

IconCryptoNewsTerminal Staff16 Aug, 2024

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Evidence of Insider Trading Exposed in Court: Former Bithumb CEO Implicated

Prosecutors Uncover Messenger Conversations Implicating Insider Trading In a recent trial involving the former CEO of Bithumb Holdings, Lee Sang-joon, prosecutors presented messenger conversation records that shed light on potential insider trading. According to Digital Asset, the records reveal that Heo Baek-young, the former CEO of Bithumb Korea, informed Lee Sang-joon about the listing of a virtual asset, AZIT, on December 15, 2022. The prosecution alleges that Heo Baek-young stated in the conversations that he notified Lee Sang-joon at 11 am on December 15th, and shortly after, the price of AZIT on another exchange surged, indicating a potential leak of the listing information. This evidence suggests that insiders within Bithumb may have taken advantage of non-public information to engage in profitable trades. The ongoing trial is expected to further reveal the extent of the alleged insider trading and its impact on the cryptocurrency market.

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