In a landmark ruling on December 26, a South Korean court sentenced former Bithumb CEO Lee Sang-jun to two years in prison and pro golfer Ahn Sung-hyun to four and a half years for their involvement in a bribery and price manipulation scheme targeting altcoin markets. The Seoul Southern District Court convicted the duo for actions that compromised the integrity of the crypto market.
Lee, who led one of South Korea’s largest crypto exchanges, was found guilty of accepting over $2 million in cash and luxury goods in exchange for listing a specific altcoin on the platform. The bribe came from businessman Kang Jong-hyun, who sought to manipulate the coin’s value. Ahn, the well-known pro golfer and husband of actress and former K-pop star Song Yu-ri, was implicated for his role in facilitating the arrangement.
The court described the actions as detrimental to market fairness and transparency, warning that such schemes could lead to significant losses for legitimate investors. This case highlights growing concerns about corruption within the cryptocurrency space, and South Korean authorities have made it clear that they will continue to pursue accountability in such cases.
‘Bithumb Secret Owner’ Also Jailed
Prosecutors have previously accused Kang of trying to artificially spike the price of low-cap altcoins by listing them on Bithumb.
Kang, a close friend of both Ahn and Lee, was also jailed for a year and a half. The court heard that Kang provided Ahn with the money and goods the latter then used to bribe Lee.
However, the court also heard that Ahn pocketed some of the funds he claimed Lee had demanded. The ex-golfer then used these stolen funds to buy shares.
Prosecutors explained that Kang gave Ahn around $2 million worth of cash, but added that there was “no significant evidence to suggest that” he handed Lee “even a portion of this.” The judge said:
In addition to sentencing former Bithumb CEO Lee Sang-jun and golfer Ahn Sung-hyun for their roles in the altcoin price manipulation scandal, the Seoul Southern District Court also convicted businessman Kang Jong-hyun of breach of trust. Kang, who was involved in bribing Lee to list a specific altcoin on the Bithumb exchange, was found guilty of undermining trust in the crypto market. Despite his conviction, the controversy surrounding his alleged secret ownership of Bithumb continues to stir debate.