Former Bithumb CEO Lee Sang-jun Sentenced to Two Years in Prison for Fraudulent Token Listing Scheme

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.

Former Bithumb CEO Han Lee Sang-jun has been sentenced to two years in prison for a fraudulent token listing scheme, according to a report by The Hankyoreh.

The Seoul Southern District Court also ordered the 55-year-old to pay a fine of 52 million won ($35,367) for receiving cash and luxury items as bribes from businessman Kang Jong-hyun to get a coin listed on the South Korean crypto exchange, which boasts the highest daily trading volume in the country.

Kang, who was found guilty of breach of trust charges, was sentenced to one year and six months in jail. The court heard that he paid out 3 billion won (around $2 million) in cash and over $272,000 for luxury watches, designer bags and exclusive restaurant membership cards.

Former professional golfer Ahn Sung-hyun, who acted as the middleman, was sentenced to four years and six months in prison after the court found that he deceived Kang by taking a large portion of the money intended for Lee.

Coin listings on Bithumb can have a significant impact on prices, with PONKE (PONKE) and Raydium (RAY) rallying after the platform announced spot trading support for these two Solana (SOL)-based crypto assets last month.