Former CEO of Crypto Exchange Bithumb Sentenced to Two Years in Prison: Report

Former Bithumb CEO Lee Sang-jun has reportedly been sentenced to jail after being discovered responsible of receiving money and items to take part in a fraudulent token itemizing scheme.

Native Korean information outlet The Hankyoreh reviews that the Seoul Southern District Courtroom sentenced the 55-year-old to 2 years behind bars and ordered him to pay a effective of 52 million gained ($35,367) for receiving cash and lavish gadgets as bribes from businessman Kang Jong- hyun.

Kang reportedly spent 3 billion gained (about $2 million) in money and greater than $272,000 on luxurious watches, designer baggage and unique restaurant membership playing cards to get a coin on Bithumb. Kang was sentenced to 1 yr and 6 months in jail for breach of belief.

The bribery scheme additionally concerned former skilled golfer Ahn Sung-hyun, who served as an middleman accountable for receiving and delivering the cash and items. The courtroom discovered that he had defrauded Kang when he took a big portion of the cash supposed for Lee. Ahn was sentenced to 4 years and 6 months in jail.

Bithumb is South Korea’s largest crypto change by day by day buying and selling quantity and a foreign money itemizing may doubtlessly enhance costs. The value of PONKE (PONKE) and Raydium (RAY) shot after the platform introduced spot buying and selling help for these two Solana (SOL)-based crypto belongings final month.

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