Bithumb CEO, Lee Sang-jun, and celebrity golfer, Ahn Sung-hyun, were recently sentenced to prison by a South Korean court for their involvement in a bribery and market manipulation scheme. Lee received a two-year sentence, while Ahn was handed a four-and-a-half-year sentence. The trial, which took place on December 26, revealed shocking details about how the individuals attempted to rig the cryptocurrency market.
Prosecutors revealed that Lee accepted large bribes in exchange for listing a specific altcoin on Bithumb’s platform. In return, he received around 3 billion Korean won (approximately $2 million) in cash, luxury watches, high-end bags, and exclusive restaurant memberships. The bribes were provided by Kang Jong-hyun, a businessman and close associate of both Lee and Ahn, with the goal of artificially boosting the value of a low-cap altcoin.
Ahn Sung-hyun played a significant role in the scam as well. Kang provided him with a large sum of money to bribe Lee into listing the altcoin on Bithumb. However, Ahn also kept some of the money for himself and used it to buy stocks, pocketing 2 billion Korean won (about $1.5 million) in total for personal investments. The court described Ahn’s actions as “heinous” and accused him of using stolen funds to further his financial interests, highlighting a dangerous web of corruption involving Lee, Kang, and Ahn.
Kang, the businessman behind the bribes, was sentenced to one and a half years in prison. There is an ongoing investigation into his possible secret ownership of Bithumb, as his efforts to manipulate altcoin prices on the exchange were crucial to the bribery scheme. The case sheds light on the darker side of the crypto world, where unregulated markets can be easily manipulated for personal profit.
Overall, the sentencing of Bithumb CEO Lee Sang-jun, celebrity golfer Ahn Sung-hyun, and businessman Kang Jong-hyun in South Korea for their roles in a bribery and market manipulation scheme exposes the vulnerabilities within the crypto industry. With measures in place to prevent such fraudulent activities, investors and traders can have more confidence in the integrity of crypto exchanges and the transparency of market operations. As the investigation unfolds and the legal repercussions are enforced, the cryptocurrency community can learn from these incidents to foster greater trust and accountability in the digital asset space.
