Prosecutors have presented internal Bithumb documents as new evidence in their case against the exchange’s former CEO, Lee Sang-joon. The documents, dated May 10, 2021, were submitted to a South Korean court where Lee is facing charges related to cryptocurrency listings on the platform.
The filings suggest that Lee, alongside former Bithumb Korea CEO Heo Baek-young and the former chairman of Bithumb’s token listing review committee, may have been involved in decisions regarding the listing of Dogecoin (DOGE) and Klaytn (KLAY).
Though the document author’s identity remains confidential, Heo claimed the committee’s former chairman may have written it.
Lee Denies Accusations, but Documents Cast Doubt
Lee has since denied the accusations, stating he lacked the authority to make listing decisions. However, the documents cast doubt on his claims, indicating he may have played a role in the listing process.
The investigation into Lee began in March 2023 when South Korean authorities probed bribery allegations related to token listings on Bithumb. Lee was indicted without detention in September 2023.
Earlier this year, the Seoul High Court acquitted Lee in a multimillion-dollar fraud case. The court ruled that he was not guilty of defrauding Kim Byung-gun of 110 billion Won ($82 million) during acquisition negotiations. This followed an earlier acquittal on similar charges, including allegations of seeking an upfront fee for a failed BXA token listing on Bithumb.
Meanwhile, Bithumb’s de facto owner, Kang Jong-hyun, is also facing a separate trial. Along with two other executives, Kang faces charges of embezzlement, fraudulent transactions, and breach of duty. Reports indicate the accused have admitted to the charges.
Read also: Bithumb CEO Investigated for Bribe in Exchange for False Listings
Kang’s sister, Kang Ji-yeon, a major shareholder in Bithumb-affiliated companies, has also been accused of stock price manipulation. In a now-deleted statement, she defended her brother, dismissing the charges as “unconfirmed and one-sided.”
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