Cryptocurrency

South Korean Court Imprisons Bithumb CEO and Golfer in Cryptocurrency Bribery Case

In a significant legal development, a South Korean court has handed down prison sentences to a prominent golfer and the former CEO of a leading cryptocurrency exchange. Lee Sang-jun, who previously served as the CEO of Bithumb, has been sentenced to two years in prison. Meanwhile, Ahn Sung-hyun, a celebrated golfer known for being married to actress Song Yu-ri, faces a more severe sentence of four and a half years.

Altcoin Price Manipulation and Bribes

The trial, conducted on December 26, uncovered astonishing details about the duo’s attempts to manipulate the cryptocurrency market. Prosecutors unveiled that Lee had accepted substantial bribes to facilitate the listing of a particular altcoin on Bithumb’s platform. In exchange for this illicit favor, Lee received an impressive sum of around 3 billion Korean won, approximately $2 million, along with luxury watches, designer bags, and exclusive dining memberships.

These bribes were orchestrated by Kang Jong-hyun, a secretive businessman with close ties to both Lee and Ahn. Kang’s objective was to artificially inflate the value of a low-cap altcoin by securing its listing on Bithumb, thereby causing a rapid surge in its price.

Golfer Ahn’s Role in the Scam

Ahn Sung-hyun played a pivotal role in this fraudulent scheme. Kang provided Ahn with a significant amount of money to entice Lee into listing the altcoin. However, Ahn’s involvement went beyond mere facilitation. Prosecutors discovered that he retained a portion of the funds for personal use, investing in stocks with the embezzled money.

In total, Ahn misappropriated 2 billion Korean won, roughly $1.5 million, which he utilized for personal financial growth. The court condemned Ahn’s actions as “heinous,” criticizing his exploitation of stolen funds for personal gain. Ahn’s connections with both Lee and Kang were instrumental in the execution of this corrupt enterprise, exposing a perilous network of deceit.

Kang’s Secret Ownership of Bithumb

Kang Jong-hyun, the mastermind behind the bribery operation, received a sentence of one and a half years in prison. While his involvement in the scandal is apparent, ongoing investigations are probing into his potential clandestine ownership of Bithumb. Kang’s efforts to manipulate altcoin prices on the exchange were central to the bribery plot, underscoring the vulnerabilities in the cryptocurrency market.

This case sheds light on the darker facets of the crypto industry, where unregulated markets can be susceptible to manipulation for personal enrichment.

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