Former Bithumb Holdings CEO Lee Sang-jun, who was brought to trial over allegations of seeking a listing favor at a virtual asset (coin) exchange, received a suspended sentence on appeal. Professional golfer An Seong-hyeon, who was indicted alongside Lee, had the prison term from the first trial overturned and was acquitted.
The Seoul High Court's Criminal Division 13 (Presiding Judges Baek Kang-jin, Kim Sun-hee and Yoo Dong-gyun) on the 2nd acquitted An, who was indicted on charges of fraud and taking bribes for breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. For the former CEO, the court sentenced him to two years in prison, suspended for three years, and ordered the forfeiture of 11,525,000 won. For businessman Kang Jong-hyun, who requested the listing favor, the court sentenced him to one year in prison, suspended for two years. As for Song, an employee of the coin issuer, the acquittal from the first trial was maintained.
Regarding the portion on taking bribes for breach of trust, the appellate court found it hard to accept the credibility of Kang's testimony to the effect that he "provided 5 billion won or 3 billion won to An in return for the coin listing favor." The court said the claim that a large sum was delivered at a stage when the success of the listing was not confirmed runs counter to common experience, and therefore, without credible testimony, the charge of taking bribes for breach of trust was not proven.
On the fraud charge that An allegedly deceived Kang by saying, "The former CEO is asking to be given 2 billion won quickly" and separately pocketed 2 billion won, the court noted that the indictment was premised on "an agreement with the former CEO to receive 2 billion won," while at the same time alleging "An deceived Kang," which are difficult to reconcile.
The court said that, unlike the first trial, which credited MC MONG's testimony, the appellate panel rated the credibility low after considering the demeanor during cross-examination and other factors. It added that it was difficult to rule out the possibility that An only served as a "messenger" for the listing favor, and it was also hard to find a conspiratorial relationship with the former CEO, who was identified as the principal in taking bribes for breach of trust.
For the former CEO, the court said it imposed a suspended sentence after considering as mitigating factors that the scope of benefits recognized was reduced and that the most valuable item—a Patek Philippe watch—was returned before the investigation began. Kang's sentence was also reduced to reflect the lower amount recognized on appeal.
From September to November 2021, the former CEO and An are accused of taking tens of billions of won (taking bribes for breach of trust) from Kang along with a request to list coin A on the Bithumb exchange. Bithumb Holdings is the largest shareholder of Bithumb Korea, which operates Bithumb.
Prosecutors believe An and the former CEO received 3 billion won in cash, two luxury watches worth 400 million won, and a 11.5 million won membership card for a high-end restaurant from Kang and Song. In addition, the former CEO was found to have received luxury goods worth about 44 million won, including a 30 million won designer bag and high-end clothing, from Kang. Along with this, An is also accused of separately embezzling 2 billion won by deceiving Kang, saying, "The former CEO is asking to be given 2 billion won quickly" as payment for the listing favor.
They were brought to trial without detention in September 2023, but on Dec. 2024, in the first trial, three defendants except Song were sentenced to prison and taken into custody in court. They have since been tried without detention after being granted bail during the second trial.
An debuted as a professional golfer in 2005 and served as a reserve coach for the national golf team of Korea from 2014 to 2018. In 2017, An married Sung Yu-ri, a former member of the girl group Fin.K.L, and they have twin daughters.