The trial of former South Korean pro golfer Ahn Sung-hyun began on September 10, with the sports star accused of colluding to list altcoins on the crypto exchange Bithumb.
According to Maeil Kyungjae, the trial commenced at a branch of the Seoul Southern District Court. Ahn faces charges of fraud and breach of trust under the Act for Specific Economic Crimes.
Officials believe that Ahn received tens of billions of won in bribes from an unnamed domestic coin issuer to help Bithumb list one or more tokens. Prosecutors launched a case against Ahn last year, alleging that he and Lee Sang-jun, then CEO of Bithumb Holdings, conspired to list tokens on the exchange in exchange for bribes.
Ahn turned pro in 2005 and later joined the coaching staff of South Korea’s national golf team. He is also known as the husband of the former FinK.L member Sung Yu-ri, a chart-topping first-generation K-pop group member who has since become a top-billing actress.
The controversy surrounding Ahn began in October 2022 when investigative journalists revealed he owned an imported car used by the reclusive investor Kang Jong-hyun.
Kang is believed to be the real owner of Bithumb and has allegedly acquired firms with smaller stakes in the crypto exchange. Officials suspect Kang and his associates manipulated altcoin prices on the platform for their benefit and used this revenue to shower gifts on his celebrity former girlfriend.
Prosecutors think Ahn may have exploited his friendship with Kang to convince him to list the coins, telling Kang in January 2022 that Lee had requested payments of over $1.5 million to list the coins quickly. At a hearing in December 2023, Ahn admitted that he and Kang had exchanged money but denied lying about receiving a request for money from Lee.
Ahn and Sung married in 2017. OSEN reported that some news outlets suggest Sung may also be indirectly involved in the case, with allegations that a cosmetics company she is affiliated with received investment funding from a Kang-associated firm. The company has admitted to receiving the investment but stated that it immediately returned the funds after determining it did not fit with the company’s image.
Meanwhile, Digital Today reported that stablecoins have become the new battleground for Bithumb and its closest rival, Upbit. Upbit is currently offering commission-free trading for the USDT and USD Coin (USDC) tokens until September 13. This appears to be a response to a similar promotional event by Bithumb, which has also extended its fee-free stablecoin trading event to September 13.
— Yonhap News Agency (@YonhapNews) September 5, 2024
