Courtroom Drama: A Long-Standing Battle
The saga surrounding the acquisition of the South Korean crypto exchange Bithumb has been nothing short of a soap opera, filled with intrigue, betrayal, and unexpected rulings. For three long years, courtrooms have echoed with the disputes between Kim Byung-gun and Lee Jung-hoon, each accusing the other of shady dealings. But the latest twist comes courtesy of a Singapore court, which recently ruled against Kim, marking a dramatic moment in this ongoing legal showdown.
Singapore’s Surprising Verdict
On August 26, a Singaporean court made waves by finding Kim guilty of unauthorized sales of BXA coins, which he sold without Lee’s consent. As a result, Kim must now return the proceeds from these sales to the Singapore-based BTHMB consortium. Sounds like a plot twist worthy of a thriller novel, right? The audacity of selling coins without telling your partner could make you wonder if Kim thought he was auditioning for a role in ‘Crypto’s Got Talent.’
The Background: A Disastrous Partnership
Let’s rewind to 2018, when Kim, the chairman of BK Group and head honcho of a cosmetic surgery empire, teamed up with Lee to plot a purchase that would give them control of Bithumb. Initially, it seemed like a match made in crypto heaven. However, after Kim forked over $100 million as an upfront contract fee, the partnership went awry when the funds meant for the deal failed to materialize. BXA tokens, initially supposed to help fund their acquisition, were never even listed. Talk about a bad investment move!
The Battle Continues: Trials in Two Countries
While Singapore’s court might have thrown a wrench into Kim’s plans, the legal battle is far from over. In 2020, Kim took his grievances against Lee to South Korea, accusing him of duping him during their partnership. Not one to sit idle, Lee had already accused Kim a year prior of selling the BXA tokens and playing fast and loose with the rules. It’s like a never-ending game of legal ping-pong, with each side trying to score points while bouncing from one court to another.
Bithumb Keeps Rolling On
Amidst the courtroom chaos, Bithumb continues to operate with a vague sense of normalcy, if you can call it that. In January 2022, the exchange announced an ambitious plan to launch a non-fungible token (NFT) lineup, hoping to keep up with competitors like Korbit and Upbit. In addition, Vidente, the current owner, hinted at exploring a potential sale of its stake to FTX, because, you know, why not? In the world of crypto exchanges, you might as well keep your options open!
