Former Bithumb Holdings CEO's Suspended Sentence Upheld in 'Listing Kickback' Case

Former pro golfer Ahn Sung-hyun's acquittal upheld
Supreme Court: "No legal error in appeals court ruling"

Lee Sangjun, former CEO of Bithumb Holdings, who was indicted on charges of pocketing a large illegal listing fee in exchange for promising to list a cryptocurrency, has received a final sentence of imprisonment suspended for probation.

Lee Sangjun, CEO of Bithumb Holdings, who was accused of accepting money and other valuables in exchange for soliciting the listing of a domestically developed cryptocurrency on Bithumb. Yonhap News

The Supreme Court's Second Division, with Justice Oh Kyung-mi presiding, on Thursday upheld the lower court's sentence of two years in prison, suspended for three years, for Lee, who was indicted on charges of accepting benefits in breach of trust. The court ruled, "There was no error in the lower court's determination that the crime of accepting benefits in breach of trust was established, either in its interpretation of the law or in its failure to conduct the necessary examination."

The acquittal of Ahn Sung-hyun, a former professional golfer indicted on charges including receiving money and valuables in conspiracy with Lee, was also upheld. Businessman Kang Jong-hyun, who was tried on charges of giving money and valuables to Ahn, received a final sentence of one year in prison, suspended for two years.

Lee and Ahn were indicted in 2023 on charges of receiving 3 billion won in cash, two luxury watches worth a combined 400 million won, and a membership card to a high-end restaurant from Kang in 2021, in exchange for a request to list Coin A on the Bithumb exchange.

The first trial found that Ahn conspired with Lee to receive two luxury watches and took money from Kang, sentencing him to four years and six months in prison. Lee was sentenced to two years in prison, and Kang to one year and six months. However, the court did not find them guilty of exchanging 3 billion won in cash as payment for the listing request.

The appeals court acquitted Ahn, finding insufficient evidence that he conspired with Lee to receive money and valuables and concluding that he was more likely the person who made the listing request at Kang's behest. It also found Kang's testimony insufficiently credible to establish the 2 billion won fraud charge. However, it found Lee guilty of receiving a luxury watch worth 200 million won, a restaurant membership, and two Hermes bags in exchange for the listing request, and sentenced him to two years in prison, suspended for three years.

The Supreme Court found no error in the appeals court's assessment of the evidence or application of the law. It accepted the lower court's findings on the credibility of Kang's testimony, Ahn's alleged conspiracy, and the fraud charge, and dismissed the appeals. It also rejected Lee's claims that the lower court had misinterpreted the law and infringed on his right to defend himself.

This content was produced with the assistance of AI translation services.