Former Coinbit Chairman Accused of Assault and Extortion of Money Acquitted in First Trial

Seoul Central District Court. / Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Kim Daehyun] A former chairman of a cryptocurrency exchange who was suspected of detaining and assaulting employees to extort money has been acquitted.

On the afternoon of the 20th, Judge Chae Heein of the Seoul Central District Court Criminal Division 9 acquitted former Exiasoft Chairman Choi (50) and company directors, who were indicted on charges including violation of the Act on the Aggravated Punishment of Specific Crimes (joint extortion), stating "there is no proof of the criminal facts." This decision considered that the victims' court testimonies did not match their statements to investigative authorities and that there were no significant medical records.

In January 2019, while operating the cryptocurrency exchange 'Coinbit,' former Chairman Choi suspected that three employees had gained trading profits using internal company information and was prosecuted for detaining, threatening, and assaulting them along with executives to extort money.

The prosecution initially dismissed the case due to insufficient evidence, but the court accepted a retrial request filed by the victims in protest, leading to the indictment. It is known that the victims later submitted withdrawal statements to the court.

Meanwhile, regarding allegations of detaining and assaulting another employee, former Chairman Choi was sentenced to one year in prison with a two-year probation in the first trial in February. At that time, the court pointed out, "The victim's testimony is credible, and the statements of witnesses are consistent," and "It is recognized that the defendants jointly threatened the victim to receive money and detained them." This case is scheduled for a second trial verdict on January 13 next year, as former Chairman Choi has filed an appeal.

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