The former Bithumb CEO Lee Sang Jun has reportedly received a prison sentence after being found guilty for receiving gifts and cash to participate in a fraudulent scheme to list tokens.
The Hankyoreh, a local Korean media outlet reports the Seoul Southern District Court sentenced the businessman Kang Jong Hyun to 2 years in prison and fined him 52 million won (approximately $35,367). The court found that Kang Jonghyun had bribed the man with money and extravagant items.
Kang is alleged to have paid 3 billion won ($2 million) and more than $272,000 in luxury watches, designer handbags and restaurant cards for a coin listing on Bithumb. Kang was sentenced to one year and six month of prison time on breach of trust charges.
Ahn Sung Hyun, a former golf professional who was the intermediary responsible for the receipt and delivery of cash and goods, also played a role in the bribery plan. He cheated Kang by taking a significant portion of money meant for Lee. Ahn received a sentence of four years, six months and one day in prison.
Bithumb, South Korea’s biggest crypto exchange based on daily trading volume, can drive prices up with a new coin listing. PONKE’s (PONKE), and Raydium’s (RAY), prices surged when the platform introduced spot trading for these Solana-based cryptoassets last month.
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The post Former CEO Bithumb Crypto Exchange Sentenced To Two Years In Prison: Report can be updated as new information becomes available.
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