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Former Bithumb CEO Jailed for Two Years Over Bribery Scandal
A South Korean court has sentenced former Bithumb CEO Lee Sang-jun to two years in prison for accepting bribes to list specific cryptocurrencies on the exchange, resulting in market manipulation. Lee was part of a trio that helped boost the value of altcoins for financial gain as well as accepting money for listings.
The Seoul Southern District Court found that Lee accepted approximately 3 billion won (around $2 million) in cash, along with luxury items such as high-end watches and designer bags, in exchange for listing certain altcoins on Bithumb. This practice artificially inflated the prices of these cryptocurrencies on other exchanges, benefiting their promoters and founders, who sold into the pumps.
Golfer Ahn Sung-hyun acted as an intermediary in the scheme, receiving the bribes from businessman Kang Jong-hyun and passing them to Lee. The court criticized Ahn’s actions as “heinous,” noting that he embezzled a significant portion of the bribes for personal investments.
Kang, recognized as the de facto owner of Bithumb, was also implicated in providing the bribes and received a one-and-a-half-year prison sentence.
This sentencing of its former CEO is the latest in a number of legal challenges involving Bithumb executives. In 2021, former chairman Lee Jung-hoon was charged with fraud related to a failed takeover of the company, although he was later acquitted. Additionally, Kang was arrested in February 2023 for manipulating stock prices of Bithumb affiliates and misappropriating corporate funds.
Bithumb will hope that it can put these issues behind it and start [blank] with a cleaner slate.
Source: fullycrypto.com
