South Korean court sentences former golfer and former crypto exchange CEO to prison for altcoin manipulation
Date: 2024-12-30 Author: Gabriel Deangelo Categories: BUSINESS
A South Korean court has sentenced former Bithumb CEO Lee Sang-joon to two years in prison for instructing employees to list an unknown altcoin on the exchange. In the same case, former golfer Ahn Sung-hyun, known as the husband of actress Song Yu-ri, a former member of the popular K-pop group F.inKL, was sentenced to four and a half years in prison.
On December 26, the Seoul Southern District Court found both defendants guilty. Judge Jeong Do-sun said their actions undermine trust and transparency in the cryptocurrency market, creating huge risks for honest investors.
According to the prosecution, Lee received about 3 billion won in cash (over $2 million USD) from businessman Kang Jung Hyun, as well as luxury items including expensive watches, bags, and membership cards to high-end restaurants worth 400 million won (US$271,000). The funds were intended to list a certain virtual asset on Bithumb.
Kang Jung Hyun, a close friend of both defendants, was sentenced to one and a half years in prison for his role in the case. The court found that Kang provided Ahn with money and expensive gifts, which the latter used to bribe Lee.
However, it turned out that Ahn had embezzled some of the funds, claiming that they were necessary to fulfill Lee's demands. The former golfer used the stolen money to buy stocks. The judge noted that Ahn had breached trust by embezzling 2 billion won, calling his actions "particularly serious."
Kan was also found guilty of breach of trust, but the investigation into his alleged “secret ownership” of Bithumb is ongoing.
At the same time, the court acquitted one of the cryptocurrency issuers whose involvement in the case was not proven.
