South Korean court jails Bithumb CEO and golfer over crypto bribery scandal

A South Korean court has sentenced a famous golfer and the former CEO of Bithumb, a major crypto exchange, to prison for their role in a bribery and market manipulation scheme. Lee Sang-jun, the former CEO of Bithumb, was sentenced to two years in prison, while Ahn Sung-hyun, a well-known golfer married to actress Song Yu-ri, was sentenced to four and a half years in prison. .

Altcoin price manipulation and bribes

The trial, held on December 26, revealed surprising details about how these individuals attempted to manipulate the cryptocurrency market.

Prosecutors revealed that Leein exchange for large bribes, agreed to list a specific altcoin on Bithumb’s platform. In return, Lee received approximately 3 billion Korean won (about $2 million) in cash, along with luxury watches, luxury bags and even exclusive restaurant memberships.

The bribes were given by Kang Jong-hyun, a reclusive businessman and close associate of both Lee and Ahn. His goal was to artificially increase the value of a low-cap altcoin by listing it on Bithumb, causing its price to rise rapidly.

Golfer Ahn’s role in the scam

Ahn Sung-hyun also played a key role in the plot. Businessman Kang provided Ahn with a large sum of money bribe Lee for a mention the altcoin. Ahn didn’t stop there, though. Prosecutors discovered that Ahn kept some of the money for himself and used it to buy stock.

In total, Ahn pocketed 2 billion Korean won (about $1.5 million), which he spent on personal investments.

The court was harsh on Ahn, describing them as “heinous” and accusing him of using stolen money to further his financial interests. Ahn’s ties to both Lee and Kang played a central role in the crime and exposed a dangerous web of corruption.

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Kang’s secret ownership of Bithumb

Kang, the businessman behind the bribes, was sentenced to a year and a half in prison. While his role in the scandal is clear, an investigation into his possible secret ownership of Bithumb is still ongoing. His attempts to manipulate altcoin prices on the exchange were key to this bribery scheme.

The case highlights the dark side of the crypto world, where unregulated markets can easily be manipulated for personal gain.