Tag: 8year

Former Bithumb chair faces 8-year imprisonment

boss

Lee Jeong-hoon, the former chair of Bithumb, one of South Korea’s major cryptocurrency exchanges, is at the center of a legal battle and might face an eight-year prison sentence, with a verdict scheduled for Jan. 18, 2024. According to Korean local media reports, prosecutors contend that Lee intended to revamp Bithumb’s governance to gain from exchange tokens, circumventing financial regulations. The case has been ongoing since October 2018, when the former chair allegedly defrauded 100 billion won ($70 million) during negotiations for the acquisition of Bithumb from Kim Byung-gun, chair of…

An 8-year vulnerability affecting Bitcoin signing process identified, over 900 addresses affected

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied A new research finding has picked out vulnerabilities in the new class of Bitcoin Elliptic Curve Digital Signature Algorithm (ECDSA) signature that entities have, since 2015, been using to steal funds from unsuspecting users, skimming over 222 bitcoin (BTC) over the years. Weakness in Bitcoin ECDSA signatures exposed The study, whose findings were released on June 9, shows that flaws in custom ECDSA signatures can expose the sender’s private keys and even go a long way in disclosing…

My Big Coin Founder Gets 8-Year Jail Sentence for Fraud

Crater’s firm offered virtual payment services through a fraudulent digital currency known as “My Big Coins,” which were marketed to investors between 2014 and 2017, defrauding them of more than $6 million. He and his associates claimed the coins were a functioning cryptocurrency backed by $300 million in gold, oil and other assets. They also falsely told investors the company had a partnership with MasterCard and that My Big Coins could be easily exchanged for fiat currency or other virtual currencies, CoinDesk had reported. Source

Prosecutors Seek 8-year Jail Term for Owner of Top South Korean Crypto Exchange Bithumb

Crypto exchange FTX is reportedly in talks to buy Bithumb. The legal issues connected to its former chairman will, however, hinder any possible sale. According to reports, Lee Jung-hoon, the de facto owner of the South Korean bitcoin exchange Bithumb, is now facing an 8-year jail sentence. The owner who is also a former chairman of Bithumb Holdings is accused of committing a large-scale fraud worth around 100 billion won ($70 million). Lee was indicted by South Korean prosecutors in July 2021 on charges of fraud under the Act on…