Former Bithumb CEO and Celebrity Golfer Jailed for Crypto Bribery Scheme

The South Korean court has sentenced Lee Sang-jun, the former CEO of cryptocurrency exchange Bithumb, and golfer Ahn Sung-hyun to prison for their involvement in a bribery and market manipulation scheme. Lee received a two-year sentence, while Ahn was sentenced to four and a half years in prison.

The court heard that Lee accepted bribes, including around 3 billion Korean won ($2 million) in cash, luxury items, and memberships, in exchange for listing a specific altcoin on Bithumb. The goal was to artificially inflate the coin's value by securing its placement on the exchange. The bribes were orchestrated by Kang Jong-hyun, a businessman with close ties to both Lee and Ahn.

Ahn's involvement extended beyond merely facilitating the bribes. Prosecutors found that he used a portion of the bribery money to make personal investments in stocks, totaling 2 billion Korean won ($1.5 million). The court criticized Ahn's actions as a clear abuse of the funds for personal gain.

Kang, the man behind the bribery, was also sentenced to one and a half years in prison. Investigations are ongoing into his potential undisclosed ownership of Bithumb.

This case underscores the risks of market manipulation in the unregulated cryptocurrency space, where illicit actions can distort prices for personal benefit.