Singapore court rules Bithumb acquisition case in favor of exchange founder: report

Sept 18,2022
Singapore court rules Bithumb acquisition case in favor of exchange founder: report

A Singapore court made a landmark ruling on the dispute between the founder of bithumb, the Korean digital currency exchange, and Lee Jeong hoon, the former boss, and Kim Byung Kun, the president of BK medical group.

According to the local mainstream media Korea business, the Singapore court ruled that Kim should first return the profits from the sale of BTC (BXA) to Lee.

The objection originated in 2018, when the two sides established a joint venture bthmb in Singapore to purchase 50.1% of the majority equity of bithumb holdings at a price of about US $40 million (US $293.7 million). After Jin was unable to perform his responsibilities, the payment failed, and only a few accounts with a total amount of 12000 US dollars (equivalent to 88117 US dollars) were paid.

Then, Kim Jong Un sued Moon Jae-in in Seoul court for defrauding him in investment. He claimed that Li refused to help list BXA tokens on bithumb to raise funds to recover assets.

Conversely, in 2019, Lee and bthmb mentioned a civil lawsuit in Singapore, claiming that Kim participated in the BXA token sales business without his permission and demanded that the profits be returned to him. After three years of resolutions, the Singapore court has already made a ruling on this civil lawsuit.

Another local news media Aju economy reported that Moon Jae-in's legal elite team has taken the ruling of the Singapore court as evidence related to the ongoing Korean lawsuit. In Singapore, the trial of criminal cases involving Kim Jong Un's bribery and breach of trust is still in full swing.

Bithumb runs normally again

This lawsuit is not bhikkhum's only objection related to this. Over the years, the exchange has suffered several hacks, including a $20 million attack in 2019. The exchange is also suspected of project investment fraud and has encountered a variety of regulatory research and litigation.

According to newsis, just this week, a court ruled on one of the mentioned lawsuits, which has been postponed since 2017. In the ruling, bithumb was marked to pay damages to 190 investors who suffered losses due to the power failure of the exchange.

Although there are laws and regulations and litigation background, the bitdog Humboldt still exploits the market again. Like the exchanges such as upbit, coinone and korbit, bithumb is once again the core Korean digital currency sales market. In July, CNBC reported that FTX had negotiated the recycling of bithumb.