South Korean Court Holds First Trial for Bithumb Controller and Others on Suspicion of Corruption and Malfeasance
On March 22, a South Korean court today conducted its first trial of four people, including Jiang Zhongxian, the actual controller of Bithumb, on suspicion of manipulating stock pr
On March 22, a South Korean court today conducted its first trial of four people, including Jiang Zhongxian, the actual controller of Bithumb, on suspicion of manipulating stock prices and committing corruption and malfeasance. The next trial is scheduled for the morning of April 19.
The case of alleged manipulation of Bithumb’s stock price and corruption by the Korean gang of Jiang Chung hyun was initially tried today, with the amount involved in corruption exceeding US $48 million
**Introduction**
On March 22, 2021, the South Korean court held its first trial for four individuals, including Jiang Zhongxian, the actual controller of Bithumb, on suspicion of manipulating stock prices and committing corruption and malfeasance. The four individuals were charged for trading a large number of Bithumb coins and manipulating their prices, resulting in gains of tens of billions of won. In this article, we will explore the details of the trial, the charges against the defendants, and its impact on the cryptocurrency industry.
**The Charges Against the Defendants**
Jiang Zhongxian, who is the largest shareholder and actual controller of Bithumb, along with three other employees of Bithumb, were charged with manipulating the stock prices of Bithumb coins by placing fake orders on the platform to create artificial demand. They allegedly made a profit of tens of billions of won through this practice. The accused also face charges of embezzlement and malfeasance.
The prosecution accused Jiang Zhongxian and his accomplices of inflating the trading volume of Bithumb coins, encouraging retail investors to purchase the cryptocurrency on the basis of fabricated trading information. This resulted in significant gains for the accused at the expense of innocent investors.
**The Trial Proceedings**
The trial commenced on March 22, and the defendants appeared before the court. Jiang Zhongxian pleaded not guilty to the charges against him. Bithumb’s employees were also present in court and they also denied the charges against them.
The prosecutors presented the evidence in the court, including the call recordings and text messages exchanged between the accused, proving their involvement in the wrongdoing.
The next trial is scheduled for April 19, and a verdict is expected soon. If found guilty, the accused could face heavy fines, imprisonment, and the possibility of liquidation of the Bithumb exchange.
**Impact on the Cryptocurrency Industry**
The trial has been followed carefully by the cryptocurrency community and investors worldwide. It has raised significant concerns regarding the regulation and security of cryptocurrency exchanges. It is the first time charges have been brought against a major cryptocurrency exchange, and the verdict will set a precedent for other similar cases.
In recent years, South Korea has been one of the leading countries in cryptocurrency trading. The government has introduced various regulations to restrict money laundering and fraud in the sector. However, the trial echoes the government’s call for tighter regulation of the cryptocurrency industry.
The market has reacted negatively to the news, with the price of Bitcoin and other cryptocurrencies experiencing a downward trend. Investors worry that this could lead to a reduction in the popularity of cryptocurrency as an asset class.
**Conclusion**
The trial of the Bithumb controller and three of its employees on suspicion of manipulating stock prices and committing corruption and malfeasance has sent shockwaves throughout the cryptocurrency industry. The trial raises questions about the regulation and security of cryptocurrency exchanges globally. The verdict of the trial will have far-reaching implications for the cryptocurrency industry, and it is essential for the South Korean court to deliver justice and serve as an example for how to handle similar future cases.
**FAQs**
Q. What are the charges against the Bithumb controller and its employees?
A. The Bithumb controller and three of its employees are charged with manipulating the stock prices of Bithumb coins by placing fake orders on the platform to create artificial demand. They are also accused of embezzlement and malfeasance.
Q. What is the significance of the trial?
A. The trial is the first of its kind and has implications for the regulation and security of cryptocurrency exchanges. Its verdict will set a precedent for future similar cases.
Q. What is the impact of the trial on the cryptocurrency market?
A. The trial has resulted in a negative impact on the cryptocurrency market, with the price of Bitcoin and other cryptocurrencies heading downwards.
**Keywords:**
Bithumb, South Korean court, cryptocurrency exchange, cryptocurrency trading, manipulation of stock prices, corruption, malfeasance, cryptocurrency investors, cryptocurrency regulations, verdict.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/10076/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Paxos Treasury’s Significant Move to Maintain Stablecoin’s Stability
On February 16, according to Whale Alert data, Paxos Treasury destroyed 96953902 BUSDs (worth 96934512 US dollars).
Paxos Treasury destroyed more than …
-
Voyager Cryptocurrency Exchange Receives Letter of Termination from Coin America
According to reports, Voyager, the official cryptocurrency exchange, has received a letter from Coin America terminating its asset purchase agreement. Although this development is
-
Kava 13 Upgrade Announcement: A Step Towards DeFi’s Mainstream Adoption
On March 15th, Kava posted a blog post stating that the Kava 13 upgrade is imminent, including: Kava 13 upgrade is coming soon, and Kava EVM 2.0 will be launched to improve performance support. New protocol is launched Analysis based on this information:Kava Labs, the decentralized finance (DeFi) platform, recently announced on March 15th that the release of Kava 13 upgrade is on the horizon. With this upgrade, Kava would significantly enhance its operations, offering more liquidity, faster transaction processing and improved user experience.The Kava 13 upgrade aims to strengthen the network’s capabilities by improving its efficiency, stability and interoperability with other networks. It is this interoperability that sets Kava apart from other DeFi platforms. Kava’s cross-chain functionality enables users to benefit from a wide range of digital assets from various networks while securing their investments on the Kava network. The Kava 13 upgrade will usher in new features such as Kava’s Harvest, which will allow Kava users to access…
-
The Rise of Bitcoin: Outpacing Top Companies on YTD Returns
According to reports, according to data shared on March 22 by CryptoManiaks, a crypto education platform, the price of Bitcoin has increased by 37.06% since March 10, and has incre
-
PeckShield Reports Massive Security Breaches and Cryptocurrency Thefts
According to reports, PeckShield, the security team, reported that more than 200 vulnerabilities were detected in February and stole US $35.3 million, of which…
-
Man AHL ChatGPT: A Game-changing Technology in Financial Markets
According to reports, Man AHL machine learning published two new papers in April – \”Can ChatGPT Interpret the Fed\’s Statement?\” and \”Can ChatGPT Predict Stock Price Trends? Predict
-
#Tezos Introduces Smart Rollups And Other Updates After Activating Its 13th Core Protocol Upgrade in Mumbai
According to reports, the Proof of Interest blockchain Tezos has announced that it has activated the 13th core protocol upgrade in Mumbai and introduced the two-layer extension sol
-
What is the market value of Cryptocurrency recognized by the state (the market value of Cryptocurrency exceeds the total dollar cash value)
The U.S. Securities and Exchange Commission has approved Bitcoin ETF; And Bitcoin has been allowed to be invested as an asset class in some way, and clear laws have been established for it At present, among all Cryptocurrency, Bitcoin is the first digital token recognized and officially recognized by the SEC, which indicates that Bitcoin is a secure means of value storage According to CoinMarketCap data, nearly 20 countries/regions have approved the price of Bitcoin, with countries such as the UK, Australia, and France also obtaining this approval Nevertheless, some regulatory agencies have not yet confirmed whether Bitcoin in these countries complies with federal anti money laundering laws For example, the US Treasury Department recently announced that Rossiya Bank can provide customers with encrypted custody services. At the same time, however, the Commodity Futures Trading Commission (CFTC) said: “If a crypto exchange has a circulation supply of more than 100 million dollars,” it may be unable to meet the growing…
-
Bitcoin Price Prediction 2023: Will BTC reach $50,000?
According to reports, according to popular market analyst Mags\’ emphasis on historical price fractal, Bitcoin may rebound to $50000 in 2023. The price of BTC broke through the $160
-
Axia8 Ventures Promotes Zoe Peng as General Partner
On February 27th, Axia8 Ventures announced its recent important personnel updates, as follows: Zoe Peng was promoted to be the General Partner of Axia8 Venture…
-
SOL breaks through $22 level: Market volatility reminds investors of the importance of risk control
According to reports, the market shows that SOL has broken through $22 and is currently reported at $22.01, with a daily increase of 12.76%. The market is volatile, so please do a good job of risk control. SOL breaks through $22 Analysis based on this information:The cryptocurrency market is always prone to volatility, which means that investors need to be extra cautious when making investment decisions. According to recent reports, SOL has broken through the $22 level and is currently trading at $22.01, marking a significant daily increase of 12.76%. This news has grasped the attention of many investors, who are looking to capitalize on the current upward trend. However, as the market is unpredictable, exercising caution is paramount. The surge in SOL’s price can be attributed to various factors, including the current bullish trend in the crypto market, the network’s growing popularity and increasing adoption by businesses, and the introduction of new features that enhance its performance. Given these…
-
Interest Rate Increase and its Impact on Investment Markets
21:00-7:00 Key words: interest rate increase, BlackRock, CoinEx, BCB Group
Overview of important developments overnight on February 23
Interpretat…
-
What is Nax Coin (What is Nano Coin in 2021)
Nax Coin, according to Cointelegraph, is how Bitcoin is obtained. According to C
-
Banks’ Failure in Cryptocurrencies May Benefit Cryptoecosystem in the Long Run
According to reports, market observers have stated that in the long run, the continued collapse of banks focused on cryptocurrencies may be beneficial to the cryptoecosystem, thereby eliminating the bearish sentiment that has emerged in the cryptosphere in the past few days. Viewpoint: The US banking crisis may strengthen the crypto ecosystem in the long term Analysis based on this information:The recent collapse of banks focused on cryptocurrencies has been a hot topic in the cryptosphere, leaving many investors wondering what the future holds for the sector. However, market observers have stated that this event may actually be beneficial to the cryptoecosystem in the long run. One of the main reasons for this potential benefit is the elimination of the bearish sentiment that has emerged in the past few days. The collapse of these banks has caused a wave of panic among investors, leading to a decline in the value of most cryptocurrencies. However, this bearish sentiment is expected to…
-
Circle Destroys Over 2.34 Billion Dollars’ Worth of USDC
According to reports, Nansen, a blockchain analysis company, tweeted that Circle had destroyed USDC worth 2.34 billion dollars in the past 24 hours, of which 7…
-
Intchains Group Limited Listed on NASDAQ with High Dependency on Cryptocurrency Market
It is reported that Intchains Group Limited, the substantial holding company of Shanghai Conglian Information Technology Co., Ltd., is listed on the NASDAQ stock exchange in the United States under the symbol “ICG”. It was secretly submitted to the SEC on January 18, 2022. The prospectus shows that the company’s business and financial condition are highly correlated with the market price of cryptocurrency. Almost all of the company’s revenue comes from selling ASIC chips for cryptocurrency mining machines. The company indicated in the prospectus that the current cryptocurrency market price has fluctuated as a whole, or may have an adverse impact on the company’s business, financial condition, and operating performance. Cong Chain Group, which focuses on cryptocurrency mining business, is listed on NASDAQ Analysis based on this information:Intchains Group Limited, a holding company of Shanghai Conglian Information Technology Co., Ltd., has been listed on the NASDAQ stock exchange in the United States under the symbol “ICG”. The filing was done…