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A South Korean court has sentenced former Bithumb CEO Lee Sang-jun to a two-year prison term for accepting bribes to list specific cryptocurrencies on the exchange, thereby manipulating market prices. This news comes as another blow to the embattled cryptocurrency platform.
According to reports, Lee accepted around 3 billion won (approximately $2 million) in cash and luxury items such as high-end watches and designer bags in exchange for listing certain altcoins on Bithumb. The court found that this practice artificially inflated the prices of these cryptocurrencies on other exchanges, ultimately benefiting their promoters and founders who sold into the pumps.
Golfer Ahn Sung-hyun was also implicated in the scheme, serving as an intermediary between Kang Jong-hyun, a reclusive businessman, and Lee Sang-jun. The court characterized Ahn’s actions as “heinous,” noting that he embezzled a significant portion of the bribes for personal investments.
Kang, who is recognized as the de facto owner of Bithumb, was arrested in February 2023 for manipulating stock prices of Bithumb affiliates and misappropriating corporate funds. This latest development only adds to the string of legal challenges involving high-ranking executives at the exchange.
It is worth noting that this sentencing is not without precedent. In 2021, former chairman Lee Jung-hoon was charged with fraud related to a failed takeover of the company, although he was later acquitted.
Source: fullycrypto.com
