TechFlow reported, according to Yonhap News Agency, that South Korea's Supreme Court has acquitted Song Ji-hyung (translated name), Chairman of Dunamu—the operator of Upbit—along with CFO Mr. Nam and Head of Data Value Office Kim, in the case involving fabricated data and alleged Bitcoin fraud.
Previously, Song Ji-hyung and others were accused of creating fake member accounts on Upbit between September and November 2017, simulating deposits of assets worth 122.1 billion KRW, and profiting by inducing transactions among real users. Prosecutors also alleged fraudulent activity through this account, claiming it earned 149.1 billion KRW by selling 11,550 Bitcoins to 26,000 members. The court upheld the acquittal in three rulings, stating that existing evidence does not prove the facts outlined in the indictment.
