Former Bithumb CEO Lee Sang-jun has reportedly been sentenced to prison after being found guilty of receiving cash and gifts to participate in a fraudulent token listing scheme.
Local Korean news outlet The Hankyoreh Reports The Seoul Southern District Court sentenced the 55-year-old to two years in prison and a fine of 52 million won ($35,367) for receiving money and lavish items as bribes from businessman Kang Jong-hyun.
Kang reportedly spent 3 billion won (approximately $2 million) in cash and over $272,000 worth of luxury watches, designer bags and exclusive restaurant membership cards to get a coin listed on Bithumb. Kang was sentenced to one year and six months in prison for breach of trust.
The bribery scheme also involved former professional golfer Ahn Sung-hyun, who served as a middleman responsible for receiving and delivering cash and goods. The court said he deceived Kang when he took a large portion of the money intended for Lee. Ahn was sentenced to four years and six months in prison.
Bithumb is South Korea’s largest crypto exchange by daily trading volume and a coin listing can…
