Home Editor's Pick Trial of Bithumb Operator’s CEO Begins

Trial of Bithumb Operator’s CEO Begins


The trial of the CEO of Bithumb Operators began today. Kim Byung-gun, the co-founder of Bithumb and chair of the board, is charged with fraud, embezzlement, and violations of the foreign exchange act in a case that dates back to 2017. Prosecutors allege that Kim embezzled 3 billion won ($2.5 million) by transfers to true firms, of which he is also the CEO. He is also accused of tax evasion and inviting investment without permission. The trial is expected to finish in April, with a sentence expected soon after. CEO Kim has maintained his innocence throughout the proceedings, citing false accusations and malicious prosecution. Bithumb, a popular cryptocurrency exchange in South Korea, has seen its operation undergoing a major restructuring since the case against its operators was first revealed.

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