Singapore court rules in favor of Bithumb founder in acquisition case
The decision on the civil lawsuit might affect a trial court in South Korea. The court drama behind the acquisition of South Korean crypto exchange Bithumb has been going on for several years, but in an unexpected development, a Singapore court has made a ruling against Kim Byung-gun, who has originally accused the owner of Bithumb, Lee Jung-hoon, in defrauding him. According to the South Korean publication Aju Daily, on Aug. 26, after three years of proceedings, a court in Singapore found Kim guilty of selling BXA coins without the permission of his partner Lee and ordered him to return....
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Leading Korean crypto exchange Bithumb is terminating its trademark agreements with two coin trading platforms operating abroad under its brand name. The move comes as digital asset exchanges in South Korea prepare to comply with the country’s stricter regulations for the industry that will be enforced in September. Bithumb Global and Bithumb Singapore to Change Their Brand Names as Bithumb Ends Trademark Agreements Two cryptocurrency exchanges, Bithumb Global and Bithumb Singapore, will not be able to use the Bithumb brand name and trademark starting from the last day of this....
Singapore-based Vauld will have some breathing space after the country’s High Court gave its parent company creditor protection for the next three months. The decision comes as the troubled crypto lending platform seeks acquisition by rival Nexo.
Vauld to Have 3 Months for Restructuring, Due Diligence by Nexo
The Singapore High Court has granted the parent company of crypto lender Vauld, Defi Payments Ltd., a three-month protection from creditors, Bloomberg reported, noting this would allow Vauld to restructure and prepare for a potential acquisition by competitor Nexo, a....
The sentencing hearing is set for Dec. 20 and could see the former chairman of South Korean crypto exchange Bithumb behind bars for a maximum of eight years if found guilty. The former chairman of the South Korean cryptocurrency exchange Bithumb, Lee Jung-hoon, could face a possible maximum sentence of eight years in prison if found guilty on charges related to an alleged fraud worth $70 million.Local prosecutors asked the Seoul District Court for the sentence on Oct. 25, with the sentencing hearing will be held on Dec. 20 according to a report from Yonhap News Agency.It’s alleged that....
A South Korean court ordered one of the biggest domestic crypto exchanges to compensate victims of an “accidental withdrawal” incident in 2018. Bithumb has been ordered to pay customers who withdrew their bitcoin funds to an unknown wallet. Funds Ended Up in a Wallet With an Unknown Owner According to Fn News, six Bithumb customers brought the case before the 15th Division of the Civil Agreement of the Seoul Central District Court. They alleged that the exchange provided them with misinformation regarding withdrawing funds in November 2018. Due to the alleged chain of errors,....
Terraform Labs founder Do Kwon is not in Singapore, local police say. Accused of fraud after the collapse of cryptocurrencies luna and terrausd, he is wanted in South Korea after a court issued an arrest warrant for him. However, Kwon insists that he is not “on the run.”
Police Say Do Kwon Isn’t in Singapore
The Singapore police force (SPF) reportedly said on Saturday that Terraform Labs founder Kwon Do-hyung, also known as Do Kwon, is currently not in the city-state. In an email response to an inquiry by the AFP, the police said:
Do Kwon is currently....