Lee Jong-hoon, the head of South Korea’s largest cryptocurrency exchange UPbit, has been declared not guilty of charges related to data manipulation. The Seoul Central District Court found that there was insufficient evidence to convict Lee. The court said that while UPbit had used customer assets to trade in artificial markets, there was not enough evidence to suggest Lee was directly responsible or that UPbit had manipulated customer funds in these manipulated markets. This ruling has set a precedent for crypto traders in the country with regards to data manipulation. Lee plans to resume operations as soon as possible and will continue to work hard to protect customers’ assets.
