A South Korean court has sentenced a famous golfer and the former CEO of Bithumb, a major cryptocurrency exchange, to prison for their role in a corruption 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 years and half in prison. .
Altcoin Price Manipulation and Bribery
The trial, held on December 26, revealed startling details about how these individuals attempted to rig the cryptocurrency market.
Prosecutors revealed that Leein exchange for large bribes, agreed to list a specific altcoin on the Bithumb platform. In exchange, Lee received approximately 3 billion Korean won (about $2 million) in cash, as well as luxury watches, high-end bags and even exclusive restaurant memberships.
The bribes were paid by Kang Jong-hyun, a reclusive businessman and close associate of Lee and Ahn. Its goal was to artificially increase the value of a small-cap altcoin by listing it on Bithumb, thereby 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 to bribe Lee to get listed on the stock market the altcoin. However, Ahn didn’t stop there. Prosecutors found 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 on personal investments.
The court was harsh on Ahn, calling them “abhorrent” and accusing him of using the stolen funds to further his financial interests. Ahn’s ties to Lee and Kang played a central role in the crime, revealing 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. Although his role in the scandal is clear, there is still an ongoing investigation into his possible secret ownership of Bithumb. His efforts to manipulate altcoin prices on exchanges were key to this corruption scheme.
The case highlights the darker side of the crypto world, where unregulated markets can be easily manipulated for personal gain.
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