CandleFocus South Korean Court Jails Bithumb CEO and Golfer in Crypto Bribery Scandal
2024-12-28
Author: Content Editor
Two individuals, the former CEO of Bithumb (a major South Korean crypto exchange) and a celebrity golfer, have been sentenced to prison for their involvement in a bribery and market manipulation scheme. The former CEO, Lee Sang-jun, received a two-year sentence, while the golfer, Ahn Sung-hyun, received a four-and-a-half-year sentence. Prosecutors revealed that Lee accepted bribes to list a specific altcoin on Bithumb and artificially boost its value. Ahn played a role in the plot by using bribe money to buy stocks for personal investments. The businessman behind the bribes was also sentenced to prison. This case highlights the potential for manipulation and corruption in unregulated cryptocurrency markets.
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