with Chairman Sworn in
The trial of Bithumb’s former co-CEO, Kim Sang-Jin, has finally begun. Kim is being charged with running a fraudulent business operation.
According to Yonhap News, the Seoul Central District Court held the first hearing of the case on June 20. The court also swore in the chairman of the court, who is presiding over the trial.
Kim was indicted for fraud and embezzlement in 2020. He and two other former executives of the cryptocurrency exchange were accused of trying to dupe unsuspecting investors out of their money. The exchange is said to have earned about 1 billion won (around $880,000) from customers.
The prosecution also claimed that Bithumb made false statements about its profits and related assets to inflate its stock prices.
Kim and his co-accused denied the charges, claiming that they followed the relevant regulations in place for the cryptocurrency industry. They further claimed that they could not have anticipated any potential misdeeds if any occurred on their watch.
The judge presiding over the case asked the prosecution to present the defendants’ statements and submissions in court. The case will likely be concluded amid heated debates.
Kim’s trial has been postponed several times since his arrest last October. The court has not issued any additional dates for the case yet.