South Korean Court Jails Bithumb CEO and Golfer in Crypto Bribery Scandal
Mustafa Mulla28 Dec 20242 min read
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.
