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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. This is yet another blow to the already embattled cryptocurrency exchange.
Lee was found guilty of accepting 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. The court ruled that 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 Kang Jong-hyun, a reclusive businessman and close associate of both Lee and Ahn, 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 received a one-and-a-half-year prison sentence for providing the bribes and misappropriating corporate funds. This news comes as no surprise, given the tumultuous history surrounding 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.
Source: fullycrypto.com
