South Korean court jails Bithumb CEO and golfer over crypto bribery scandal

A South Korean courtroom has sentenced a well-known golfer and the previous CEO of Bithumb, a serious crypto alternate, to jail for his or her position in a bribery and market manipulation scheme. Lee Sang-jun, the previous CEO of Bithumb, was sentenced to 2 years in jail, whereas Ahn Sung-hyun, a widely known golfer married to actress Music Yu-ri, was sentenced to 4 and a half years in jail. .

Altcoin value manipulation and bribes

The trial, held on December 26, revealed shocking particulars about how these people tried to govern the cryptocurrency market.

Prosecutors revealed that Leein alternate for giant bribes, agreed to checklist a particular altcoin on Bithumb’s platform. In return, Lee acquired roughly 3 billion Korean received (about $2 million) in money, together with luxurious watches, luxurious baggage and even unique restaurant memberships.

The bribes got by Kang Jong-hyun, a reclusive businessman and shut affiliate of each Lee and Ahn. His purpose was to artificially improve the worth of a low-cap altcoin by itemizing it on Bithumb, inflicting its value to rise quickly.

Golfer Ahn’s position within the rip-off

Ahn Sung-hyun additionally performed a key position within the plot. Businessman Kang offered Ahn with a big sum of cash bribe Lee for a mention the altcoin. Ahn did not cease there, although. Prosecutors found that Ahn saved a few of the cash for himself and used it to purchase inventory.

In whole, Ahn pocketed 2 billion Korean received (about $1.5 million), which he spent on private investments.

The courtroom was harsh on Ahn, describing them as “heinous” and accusing him of utilizing stolen cash to additional his monetary pursuits. Ahn’s ties to each Lee and Kang performed a central position within the crime and uncovered a harmful internet of corruption.

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Kang’s secret possession of Bithumb

Kang, the businessman behind the bribes, was sentenced to a yr and a half in jail. Whereas his position within the scandal is obvious, an investigation into his doable secret possession of Bithumb continues to be ongoing. His makes an attempt to govern altcoin costs on the alternate had been key to this bribery scheme.

The case highlights the darkish facet of the crypto world, the place unregulated markets can simply be manipulated for private achieve.