South Korean Court Jails Bithumb CEO and Golfer in Crypto Bribery Scandal | Airdrop Alert Pro

A South Korean court has sentenced a celebrity golfer and former CEO of major cryptocurrency exchange Bithumb to prison for his role in a bribery and market manipulation scheme. Former Bithumb CEO Lee Sang-joon was sentenced to two years in prison, while famous golfer Ahn Sung-hyun, who is married to actress Song Yuri, was sentenced to four and a half years in prison.

Altcoin price manipulation and bribery

The trial, held on December 26, revealed surprising details of how the men attempted to manipulate the network. cryptocurrency market.

Prosecutor reveal leeIn exchange for huge bribes, they agreed to list specific altcoins on the Bithumb platform. In return, Lee received about 3 billion won (about $2 million) in cash, as well as luxury watches, high-end bags and even exclusive restaurant memberships.

The briber was the reclusive businessman Jiang Zongxian, a close associate of Li Hean. His goal was to artificially increase the value of low-market cap altcoins by listing them on Bithumb, causing their prices to rise rapidly.

Golfer Ann’s role in scam

Ahn Sung-hyun also plays a key role in the plot. Businessman Jiang Xiangan offered a large sum of money Bribing Li to go public Altcoins. However, Ann didn’t stop there. Prosecutors found that An kept some of the money for himself and used it to buy stocks.

Ahn Cheol-soo pocketed a total of 2 billion won (approximately US$1.5 million) for personal investment.

The court came down hard on Ahn, calling the actions “outrageous” and accusing him of using the stolen funds for financial gain. An’s relationships with Li and Jiang played a central role in the crime, uncovering a dangerous web of corruption.

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Kang secretly owns Bithumb

Kang, a bribe-taking businessman, was sentenced to one and a half years in prison. Although his role in the scandal is clear, the investigation into his possible secret ownership of Bithumb is still ongoing. His efforts to manipulate altcoin prices on exchanges were key to this bribery scheme.

The case highlights the dark side of the crypto world, where unregulated markets can easily be manipulated for personal gain.