South Korean court sentences Bithumb CEO and golfer in crypto bribery case, highlighting issues of fairness in the market.
A South Korean court has sentenced the former CEO of Bithumb and a former professional golfer in a crypto bribery case. Both Lee Sang jun, ex CEO of Bithumb Holdings, and Ahn Seong hyun, a 43 year old former golfer, were found guilty of serious charges. A Seoul Southern District Court judge, Jeong Jeong-sung, convicted them, in a split decision, of breach of trust and fraud.
Lee was sentenced to two years in prison and a 52 million won fine by the court on December 26. Ahn was sentenced to four and a half years in prison in the meantime. The court said their actions had tainted the fairness and transparency of the virtual asset market. In addition, they said their actions could cost innocent investors huge losses.
Court Convicts Bithumb CEO and Golfer for Receiving Crypto Bribes
Lee is charged with accepting bribes in 2021. The bribes included 3 billion won in cash and watches, bags, and restaurant memberships by businessman Kang Jong-hyun. Kang wanted to have some of his cryptocurrencies listed on the Bithumb exchange. Kang is accused of giving the bribes to Ahn, who was connected to Lee.
The court found Ahn guilty of accepting the money and valuables, but not for delivering the full 3 billion won to Lee. He was convicted of taking two luxury watches, two bags and restaurant memberships. It also found that Ahn had deceived Kang by falsely providing that Lee demanded an additional 2 billion won. Ahn was alleged to have embezzled this extra amount in order to buy shares.
The businessman who gave the bribes, Kang, was also sentenced. He was given one and a half years in prison for his part in the scandal. He was convicted of breach of trust. Following the ruling, Lee, Ahn, and Kang were all held in court.
Furthermore, an official from a virtual asset issuer implicated in the case was found not guilty. It has received attention because of the implications for South Korean cryptocurrency market. It shows how crypto needs to be transparent and fair.
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