Singapore court rules in favor of Bithumb founder in acquisition case
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 handed down a ruling against Kim Byung-gun, who originally charged Bithumb’s owner, Lee Jung-hoon, o the defrauder.
According to South Korean publication Aju Daily on Friday August. On January 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 could affect the trial court held in South Korea. In that case, Kim accused Lee of defrauding him in a jointly planned acquisition of Bithumb.
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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 BK Group and the founder of a line 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.
Still, 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 earlier, in 2019, Lee accused his ex-partner of selling BXA tokens on his behalf in a Singapore court.
Meanwhile, Bithumb casually continues its operations – in January 2022, it confirmed the development of a non-fungible token exchange that would help it stay competitive with Korbit and Upbit, two other Korean domestic exchanges. In July, the current owner of Bithumb, the company Koren Vidente, revealed that he had contacted FTX about a possible sale of its stake.