In a striking turn of events, a South Korean court has delivered verdicts in a case that has captured the attention of both the financial and entertainment sectors. A celebrity golfer, Ahn Sung-hyun, and Lee Sang-jun, the former CEO of the renowned cryptocurrency exchange Bithumb, have been sentenced to prison for orchestrating a bribery and market manipulation scheme.
Altcoin Price Manipulation and Bribes
The trial, which unfolded on December 26, unveiled intricate details of how these individuals conspired to manipulate the cryptocurrency market. Prosecutors disclosed that Lee Sang-jun, enticed by substantial bribes, agreed to list a particular altcoin on Bithumb’s platform. In return, he accepted approximately 3 billion Korean won (around $2 million) in cash, along with opulent gifts such as luxury watches, high-end bags, and exclusive restaurant memberships.
These bribes were orchestrated by Kang Jong-hyun, a reclusive entrepreneur with close ties to both Lee and Ahn. His ambition was to artificially inflate the value of a low-cap altcoin by securing its listing on Bithumb, thereby triggering a rapid price surge.
Golfer Ahn’s Role in the Scam
Ahn Sung-hyun, a prominent golfer married to actress Song Yu-ri, was deeply involved in this fraudulent scheme. Businessman Kang provided Ahn with a substantial sum of money to facilitate the bribery of Lee into listing the altcoin. However, Ahn’s involvement did not end there. Investigations revealed that Ahn retained a portion of the funds for personal use, investing 2 billion Korean won (approximately $1.5 million) in stocks.
The court’s ruling was severe, condemning Ahn’s actions as “heinous” and accusing him of exploiting illicit funds to bolster his financial standing. Ahn’s associations with both Lee and Kang were pivotal to the crime, exposing a treacherous network of corruption.
Further Reading
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Kang’s Secret Ownership of Bithumb
Kang Jong-hyun, the mastermind behind the bribery, was sentenced to one and a half years in prison. While his involvement in the scandal is undeniable, investigations into his potential secret ownership of Bithumb are ongoing. His attempts to manipulate altcoin prices on the exchange were central to this bribery plot.
This case underscores the darker facets of the cryptocurrency realm, where unregulated markets present opportunities for unscrupulous profit-making. The revelations from this trial serve as a stark reminder of the vulnerabilities in the crypto sector and the need for stringent regulatory oversight.
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