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The Daily Hodl 2024-12-30 19:45:24

Former CEO of Crypto Exchange Bithumb Sentenced to Two Years in Prison: Report

Former Bithumb CEO Lee Sang-jun has reportedly been sentenced to prison after being found guilty of receiving cash and gifts to engage in a fraudulent token listing scheme. Local Korean news outlet The Hankyoreh reports that the Seoul Southern District Court has sentenced the 55-year-old to two years behind bars and ordered him to pay a fine of 52 million won ($35,367) for receiving money and lavish items as bribes from businessman Kang Jong-hyun. Kang allegedly shelled out 3 billion won (roughly $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 received a sentence of one year and six months of jail time for breach of trust charges. The bribery scheme also involved former professional golfer Ahn Sung-hyun, who served as the middleman responsible for receiving and delivering the cash and goods. The court said that 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 potentially drive up prices. The price of PONKE ( PONKE ) and Raydium ( RAY ) surged after the platform announced spot trading support for these two Solana ( SOL )-based crypto assets last month. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Former CEO of Crypto Exchange Bithumb Sentenced to Two Years in Prison: Report appeared first on The Daily Hodl .