A Suit Related to the Listing BXA Coins
Former Bithumb Holdings chairman Lee Jeong-hoon has won a lawsuit in a Singapore court regarding the listing of Bithumb coin BXA.
Bithumb said that the Singapore court ruled on Aug. 26 that BK Medical Group chairman Kim Byung-kun should return the proceeds from the sale of coins owned by BTHMB.
BTHMB is a company jointly set up by Lee and Kim to take over a 50 percent stake in Bithumb Holdings for about 400 billion won. Kim made a down payment and an interim payment totaling 120 billion won, but the contract fell through because he could not pay the final balance.
Kim filed a suit against Lee for embezzling about 130 billion won, claiming that Lee failed to keep his promise to help Kim list BXA on the cryptocurrency exchange Bithumb and raise money to finance the acquisition.
On the other hand, BTHMB filed a civil suit against Kim in a Singapore court in June 2019, demanding that Kim return the proceeds from the sale of cryptocurrencies owned by the company.
The Singapore court ruled in favor of BTHMB after deliberation for about three years. In the 14th trial held on Aug. 30, Lee’s attorney submitted the Singapore court judgment as new evidence.
Meanwhile, in Singapore, a trial on a criminal case about Kim’s embezzlement and breach of trust is also in progress.