South Korean prosecutors are pursuing arrest warrants for two individuals. One is a former professional golfer, Ahn Seong-hyun. The other is Lee Sang-jun, CEO of Bithumb Holdings, a major cryptocurrency exchange in the country. Consequently, these actions are being taken by the Financial Investigation Department of the Seoul Southern District Prosecutors’ Office.
The prosecutors have suspicions that Ahn and Lee were involved in listing tokens on the exchange in exchange for illegal payments. Notably, Ahn, who is 42 years old, began his professional golf career in 2005.
He later became a coach for South Korea’s national golf team. In 2017, his marriage to Sung Yu-ri, a renowned actress and former K-pop star from the group Fin.K.L, garnered significant attention.
Lately, authorities made an initial attempt to arrest Ahn. The prosecutors suspect that Ahn had a strong friendship with Kang Jong-hyun, a business figure who supposedly owns most of Bithumb’s shares.
Furthermore, reports indicate that in April, prosecutors claimed Ahn exploited his connection with Kang to convince him to list an undisclosed domestic coin on the exchange. Interestingly, there are suspicions that Ahn received a bribe from the coin’s issuer. He allegedly used his influence to prompt Kang into persuading Bithumb’s staff to list the token.
South Korean Prosecutors Investigate Kang, Lee, and Ahn Amid Bithumb Allegations
Kang has connections to substantial investments in a cosmetics brand owned by Sung. Currently, he is being investigated for manipulating stock and cryptocurrency prices, alongside embezzlement charges.
On the other hand, Lee is alleged to have accepted unauthorized payments from Kang. These payments were meant to expedite the token’s listing. Additionally, reports indicate that Kang admitted to investigators that he paid Lee a total of $3.8 million between 2021 and 2022.
However, efforts to obtain an arrest warrant for Ahn began in April, they have encountered persistent obstacles. Ahn and Lee are both set to attend a warrant review hearing on September 1. The hearing will take place at a branch of the Seoul Southern District Court.
Bithumb’s ownership arrangement attracted public attention due to a report by South Korean media outlet Dispatch last year. The report revealed information about Kang. The prosecutors have additionally been investigating claims of bribery associated with coin listings on other exchanges, like Coinone.
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