South Korean Court Jails Bithumb CEO and Golfer in Crypto Bribery Scandal

A South Korean courtroom has sentenced a star golfer and the previous CEO of Bithumb, a serious crypto change, to jail for his or her roles 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 well known golfer married to actress Music Yu-ri, obtained a four-and-a-half-year sentence.

Altcoin Value Manipulation and Bribes

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

Prosecutors revealed that Lee, in change for giant bribes, agreed to listing a particular altcoin on Bithumb’s platform. In return, Lee obtained round 3 billion Korean received (roughly $2 million) in money, together with luxurious watches, high-end 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 enhance the worth of a low-cap altcoin by itemizing it on Bithumb, inflicting its value to rise rapidly.

Golfer Ahn’s Function within the Rip-off

Ahn Sung-hyun performed a key position within the plot as nicely. Businessman Kang offered Ahn with a big sum of cash to bribe Lee into listing the altcoin. Nevertheless, Ahn didn’t cease there. Prosecutors found that Ahn saved among the cash for himself and used it to purchase shares. 

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

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

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Kang’s Secret Possession of Bithumb

Kang, the businessman behind the bribes, was sentenced to 1 and a half years in jail. Whereas his position within the scandal is evident, there’s nonetheless ongoing investigation into his potential secret possession of Bithumb. His efforts to govern altcoin costs on the change had been key to this bribery scheme.

The case highlights the darker facet of the crypto world, the place unregulated markets might be simply manipulated for private revenue.