Former Bithumb CEO Lee Sang-jun has reportedly been sentenced to jail after being discovered responsible of receiving money and items to have interaction in a fraudulent token itemizing scheme.
Native Korean information outlet The Hankyoreh reports that the Seoul Southern District Court docket has sentenced the 55-year-old to 2 years behind bars and ordered him to pay a fantastic of 52 million received ($35,367) for receiving cash and lavish objects as bribes from businessman Kang Jong-hyun.
Kang allegedly shelled out 3 billion received (roughly $2 million) in money and over $272,000 value of luxurious watches, designer luggage and unique restaurant membership playing cards to get a coin listed on Bithumb. Kang obtained a sentence of 1 12 months and 6 months of jail time for breach of belief expenses.
The bribery scheme additionally concerned former skilled golfer Ahn Sung-hyun, who served because the intermediary liable for receiving and delivering the money and items. The court docket mentioned that he deceived Kang when he took a big portion of the cash meant for Lee. Ahn was sentenced to 4 years and 6 months in jail.
Bithumb is South Korea’s largest crypto trade by daily trading volume and a coin itemizing can doubtlessly drive up costs. The worth of PONKE (PONKE) and Raydium (RAY) surged after the platform announced spot buying and selling help for these two Solana (SOL)-based crypto property final month.
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