South Korean Court Jails Bithumb CEO and Golfer in Crypto Bribery Scandal

Share This Post

Crypto Bribery Scandal

The post South Korean Court Jails Bithumb CEO and Golfer in Crypto Bribery Scandal appeared first on Coinpedia Fintech News

A South Korean court has sentenced a celebrity golfer and the former CEO of Bithumb, a major crypto exchange, to prison for their roles 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, received a four-and-a-half-year sentence.

Altcoin Price Manipulation and Bribes

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

Prosecutors revealed that Lee, in exchange for large bribes, agreed to list a specific altcoin on Bithumb’s platform. In return, Lee received around 3 billion Korean won (roughly $2 million) in cash, along with luxury watches, high-end 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 boost the value of a low-cap altcoin by listing it on Bithumb, causing its price to rise quickly.

Golfer Ahn’s Role in the Scam

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

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

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

Kang’s Secret Ownership of Bithumb

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

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

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Price Waves Reveal Pivotal AVAX Support At $31 – Details

In line with the general crypto market, Avalanche (AVAX) has experienced significant market correction over the past two weeks following an extended price rally With the altcoin’s price now

$200K Bitcoin? 9 AI Chatbots Predict Explosive Growth if the US Embraces Strategic Reserves

Over the past year, our newsroom has put several generative AI chatbots to the test, asking them to forecast everything from the US election to the prices of gold, silver, ethereum, and, naturally,

XRP Forms Bullish Flag Pattern: What’s Next For The Altcoin?

XRP is capturing attention across the crypto market as it forms a bullish flag pattern, a classic technical setup often signaling potential upside This development comes after a strong price surge,

Bitcoin Next Move Hinges On Critical $96,600 Region – Here’s Why

The price of Bitcoin saw no overall gain over the past week as the premier cryptocurrency continued to undergo a market correction Despite multiple upward movements, Bitcoin struggled to break past

Bitwise Pursues Approval for Groundbreaking Bitcoin Standard Corporations ETF

Bitwise, one of the largest asset managers in the US, has filed for clearance to launch an ETF tracking the performance of companies holding bitcoin as a reserve asset The instrument, called Bitwise

Shiba Inu Shows Resilience, Holds Steady Above $0.00002045 Amid Market Volatility

In the face of ongoing market volatility, Shiba Inu (SHIB) has demonstrated impressive resilience as it holds strong above the pivotal support level of $000002045 While fluctuations and market