A recent court ruling in South Korea has brought to light a shocking case of bribery and market manipulation involving a celebrity golfer and the former CEO of Bithumb, a prominent cryptocurrency exchange. The trial, which took place on December 26, revealed the extent to which these individuals went to rig the cryptocurrency market for personal gain.
The former CEO of Bithumb, Lee Sang-jun, was sentenced to two years in prison, while Ahn Sung-hyun, a well-known golfer married to actress Song Yu-ri, received a harsher sentence of four-and-a-half years. The court found that Lee had accepted bribes in exchange for listing a specific altcoin on Bithumb’s platform. This altcoin, promoted by businessman Kang Jong-hyun, was meant to artificially inflate its value and generate profits for those involved in the scheme.
Ahn Sung-hyun, who played a pivotal role in the plot, was found to have kept a portion of the bribe money for himself. He used the funds to make personal investments, totaling 2 billion Korean won (approximately $1.5 million). The court condemned Ahn’s actions as “heinous” and accused him of using stolen funds to further his own financial interests.
Kang Jong-hyun, the mastermind behind the bribery scheme, received a sentence of one and a half years in prison. Investigators are also looking into his potential secret ownership of Bithumb, as his manipulation of altcoin prices on the exchange was central to the illicit activities.
This case sheds light on the dark underbelly of the cryptocurrency world, where unregulated markets can easily be exploited for personal profit. It serves as a stark reminder of the risks involved in the crypto industry and the importance of transparency and accountability in the digital asset space.
The scandal involving Bithumb’s former CEO and a celebrity golfer highlights the need for greater oversight and regulation in the cryptocurrency market to prevent such fraudulent activities in the future. As the crypto industry continues to evolve, it is essential for authorities to crack down on illicit practices and hold perpetrators accountable for their actions.