By cryptoadmin Story Highlights
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Bithumb CEO, Movie star Golfer Sentenced for Altcoin Bribery Rip-off: Courtroom Unveils $2M Fraud Case
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Altcoin Value Rigging: South Korean Courtroom Jails Bithumb CEO and Golfer Ahn Sung-hyun
A South Korean courtroom has sentenced a star golfer and the previous CEO of Bithumb, a serious crypto trade, to jail for his or her roles in a bribery and market manipulation scheme. Lee Sang-jun, the previous CEO of Bithumb, was sentenced to 2 years in jail, whereas Ahn Sung-hyun, a widely known golfer married to actress Tune Yu-ri, obtained a four-and-a-half-year sentence.
Altcoin Value Manipulation and Bribes
The trial, held on December 26, revealed shocking particulars about how these people tried to rig the cryptocurrency market.
Prosecutors revealed that Lee, in trade for giant bribes, agreed to checklist a particular altcoin on Bithumb’s platform. In return, Lee obtained round 3 billion Korean received (roughly $2 million) in money, together with luxurious watches, high-end baggage, and even unique restaurant memberships.
The bribes got by Kang Jong-hyun, a reclusive businessman and shut affiliate of each Lee and Ahn. His objective was to artificially enhance the worth of a low-cap altcoin by itemizing it on Bithumb, inflicting its value to rise shortly.
Golfer Ahn’s Function within the Rip-off
Ahn Sung-hyun performed a key position within the plot as nicely. Businessman Kang offered Ahn with a big sum of cash to bribe Lee into itemizing the altcoin. Nevertheless, Ahn didn’t cease there. Prosecutors found that Ahn saved a few of the cash for himself and used it to purchase shares.
In complete, Ahn pocketed 2 billion Korean received (about $1.5 million), which he spent to make private investments.
The courtroom was harsh on Ahn, describing them as “heinous” and accusing him of utilizing stolen funds to additional his monetary pursuits. Ahn’s ties to each Lee and Kang performed a central position within the crime, revealing a harmful net of corruption.
Kang’s Secret Possession of Bithumb
Kang, the businessman behind the bribes, was sentenced to 1 and a half years in jail. Whereas his position within the scandal is obvious, there’s nonetheless ongoing investigation into his potential secret possession of Bithumb. His efforts to govern altcoin costs on the trade have been key to this bribery scheme.
The case highlights the darker facet of the crypto world, the place unregulated markets may be simply manipulated for private revenue.