Prosecutors Reveal Damning Text Message in Bithumb Trial

IconCryptoNewsTerminal Staff15 Aug, 2024

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Prosecutors Reveal Damning Text Message in Bithumb Trial

Prosecutors have uncovered a shocking text message exchange during the trial of former Bithumb Holdings CEO Lee Sang-jun, exposing the alleged corrupt practices within the company. According to Digital Asset, the prosecution presented a portion of a conversation between Shin Min-cheol, then Bithumb team leader and current CEO of Laubien, and Lee between 2021 and 2022. The message in question reads: "If I summarize the recent pattern of K coins (Korean coins) listed on Bithumb, it is similar to a liquidation team of failed stock companies. If you set up a signboard for a stock company and create a coin, (Bithumb) will list it." This bombshell revelation suggests that Bithumb may have been facilitating the listing of dubious cryptocurrencies, potentially benefiting both the exchange and the companies behind these coins. The prosecution's evidence sheds light on the murky underbelly of the cryptocurrency industry and the need for greater transparency and regulation.

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