South Korean courtroom sentences Bithumb CEO and golfer in crypto bribery case, highlighting problems with equity available in the market.
A South Korean courtroom has sentenced the previous CEO of Bithumb and a former skilled golfer in a crypto bribery case. Each Lee Sang jun, ex CEO of Bithumb Holdings, and Ahn Seong hyun, a 43 yr previous former golfer, had been discovered responsible of significant costs. A Seoul Southern District Court docket choose, Jeong Jeong-sung, convicted them, in a break up determination, of breach of belief and fraud.
Lee was sentenced to 2 years in jail and a 52 million received wonderful by the courtroom on December 26. Ahn was sentenced to 4 and a half years in jail within the meantime. The courtroom stated their actions had tainted the equity and transparency of the digital asset market. As well as, they stated their actions may value harmless traders large losses.
Court docket Convicts Bithumb CEO and Golfer for Receiving Crypto Bribes
Lee is charged with accepting bribes in 2021. The bribes included 3 billion received in money and watches, baggage, and restaurant memberships by businessman Kang Jong-hyun. Kang wished to have a few of his cryptocurrencies listed on the Bithumb change. Kang is accused of giving the bribes to Ahn, who was related to Lee.
The courtroom discovered Ahn responsible of accepting the cash and valuables, however not for delivering the complete 3 billion received to Lee. He was convicted of taking two luxurious watches, two baggage and restaurant memberships. It additionally discovered that Ahn had deceived Kang by falsely offering that Lee demanded an extra 2 billion received. Ahn was alleged to have embezzled this additional quantity as a way to purchase shares.
The businessman who gave the bribes, Kang, was additionally sentenced. He was given one and a half years in jail for his half within the scandal. He was convicted of breach of belief. Following the ruling, Lee, Ahn, and Kang had been all held in courtroom.
Moreover, an official from a digital asset issuer implicated within the case was discovered not responsible. It has acquired consideration due to the implications for South Korean cryptocurrency market. It reveals how crypto must be clear and truthful.