S Korean Court Jails Pro Golfer, Ex-Crypto Exchange Chief for Altcoin Price Manipulation

A South Korean court has sentenced a former professional golfer and the ex-CEO of the cryptocurrency exchange Bithumb to prison for their involvement in altcoin price$ALT manipulation and bribery.

The Seoul Southern District Court handed a two-year prison sentence to Lee Sang-jun, the former CEO of Bithumb Holdings, for instructing his staff to list a specific altcoin in exchange for bribes. Additionally, former golfer Ahn Sung-hyun received a four-and-a-half-year prison term for his role in the scheme. Ahn is widely recognized in South Korea as the husband of actress and former K-pop group Fin.K.L member, Song Yu-ri.

The court found that Lee accepted 3 billion won (over $2 million) in cash and 400 million won ($271,000) worth of luxury items, including watches, bags, and high-end restaurant memberships, from businessman Kang Jong-hyun in 2021. In return, Lee agreed to list a specific virtual asset on the Bithumb exchange. Kang, known as the "Bithumb secret owner," was also sentenced to one and a half years in prison for his involvement.

The court criticized the actions of the accused, stating that their conduct undermined the fairness and transparency of the crypto asset market, potentially leading to significant losses for honest investors.

This case highlights the ongoing challenges faced by the cryptocurrency industry in maintaining market integrity and the serious legal consequences of engaging in fraudulent activities.