Golden Finance, citing Digital Asset, reported that Lee Sang-joon, the former CEO of South Korea’s crypto exchange Bithumb, has finally been released on bail after being detained for six months.
Previously, Lee Sang-joon was sentenced to two years in prison in the first instance for allegedly accepting bribes of hundreds of millions of won to facilitate the listing of two cryptocurrencies on Bithumb. Since being detained in December 2024, he has now regained his freedom.
However, this bail comes with several conditions: He is not allowed to change his residence at will, is prohibited from leaving the country without the approval of the court, needs to pay a deposit of 50 million won (about 36,500 US dollars), and is also prohibited from contacting the people involved in the case. This case once drew high attention from the South Korean cryptocurrency industry, and its subsequent development is still worth continuous tracking.
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