A South Korean court sentenced a professional golf player and former cryptocurrency exchange director to prison for manipulating Altcoin prices.
A South Korean court sentenced a former professional golfer and former executive of the cryptocurrency exchange Bithumb to prison for involvement in Altcoin price manipulation and bribery.
The Southern District Court of Seoul sentenced Lee Sang-jun, the former CEO of Bithumb Holdings, to two years in prison for instructing his employees to list a specific altcoin in exchange for bribes. Additionally, former golfer Ahn Sung-hyun received a four-and-a-half-year prison sentence for his role in this scheme. Ahn is widely known in South Korea as the husband of actress and former K-pop group Fin.K.L member, Song Yu-ri.
The court found that Lee had received 3 billion won (more than 2 million dollars) in cash and 400 million won (271,000 dollars) in luxury goods, including watches, handbags, and premium restaurant membership cards, from businessman Kang Jong-hyun in 2021. In return, Lee agreed to list a specific virtual asset on the Bithumb exchange. Kang, known as the "secret owner of Bithumb," was also sentenced to one and a half years in prison for his involvement in the case.
The court criticized the defendants' actions, stating that their behavior undermines the fairness and transparency of the cryptocurrency asset market, potentially leading to significant losses for honest investors.
This case highlights the ongoing challenges that the cryptocurrency industry faces in maintaining market integrity and the serious legal consequences of engaging in fraudulent activities.
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