[Exclusive] Between 'Hundred-Million Coin Listing Fee' Kang Jong-hyun and Bithumb Holdings, There Was 'Golf Connection' An Seong-hyun

An Seong-hyun and Lee Sang-jun, CEO Golf Coaches, 10 Years of Friendship
Kang Jong-hyun Delivered 3 Billion KRW in Cash via Mr. An
Mr. An Committed 2 Billion KRW Fraud Allegedly on Behalf of CEO Lee

It has been confirmed that professional golfer An Seong-hyun played an intermediary role in the process where businessman Kang Jong-hyun approached Lee Sang-jun, CEO of the virtual asset exchange Bithumb Holdings, to request the listing of a coin on the exchange. The prosecution believes that An, who had built a long-standing friendship with Lee as his golf coach, connected Kang and Lee and attempted to secure his own share by embezzling money received from Kang under the pretext of bribery.

According to the indictment obtained by Asia Economy on the 20th through the office of Jeong Jeom-sik, a member of the People Power Party, the prosecution identified that An acted as a link between Kang and Lee when Kang handed over money to Lee to request the coin listing. The Seoul Southern District Prosecutors' Office indicted Lee and An last month on charges of breach of trust, and Kang and Song Mo, an investor in the coin development company, on charges of aiding breach of trust. An was also charged with violation of the Act on the Aggravated Punishment of Specific Economic Crimes (fraud). According to the prosecution, Lee and An are accused of receiving a total of 3 billion KRW in cash, two luxury watches worth about 400 million KRW, and membership benefits worth 11.5 million KRW at a members-only restaurant from Kang and Song between September and November 2021 in exchange for facilitating the listing of a specific coin on the virtual asset exchange Bithumb. Lee is also accused of receiving luxury goods worth approximately 44 million KRW, including designer bags and high-end clothing, directly from Kang, who requested a speedy coin listing.

According to their indictment, An was the sole channel connecting Kang and Lee before Kang directly contacted Lee. An had built a friendship with Lee over about 10 years as his golf coach. In May 2021, Kang, upon receiving a request from Song to list two developed coins on Bithumb, asked An, whom he knew well, to "check if Lee could help." An agreed with Lee to receive 5 billion KRW as compensation for assisting with the coin listing and told Kang and Song that the entire amount must be delivered in 50,000 KRW bills in cash only through him.

From September to November of the same year, Kang handed over a total of 3 billion KRW in cash to An. When Kang prepared the cash, An requested that it be delivered to Bithumb’s office where Lee worked during nighttime after employees had left or to the back entrance of a hotel near An’s residence. Kang instructed his secretary to deliver bags and suitcases containing 1 billion KRW in cash three times to An, who then passed them on to Lee.

Kang’s subscription to a diamond membership at Restaurant A worth about 10 million KRW under Lee’s name also originated from An’s request. An said, "It would be good to enroll Lee in the diamond membership of the restaurant you operate to gain favor with him." Kang then instructed an employee of Restaurant A to register the membership under Lee’s name, and when Lee and An visited the restaurant together, An conveyed, "Please feel free to come and dine." On that day, Lee paid 2.21 million KRW for food and drinks using membership points. Subsequently, Lee dined there eight more times, paying a total of 11,525,000 KRW with membership points.

Professional golfer An Seong-hyun. [Photo by Yonhap News]

An did not forget to secure his own share between the two. In October 2021, An asked Kang, "If you gift me and Lee watches identical to the luxury watch you wear, the listing might be expedited." Later, Kang handed over two gold watches worth a total of about 400 million KRW to An in a car while traveling together. An wore one watch himself and gave the other to Lee. Then, in early January last year, An secretly embezzled Kang’s money under the pretense of facilitating the request. He told Kang that "Lee urgently needs funds" and asked him to prepare 2 billion KRW in cash, the remaining amount of the promised 5 billion KRW. However, the prosecution believes An had no intention of delivering this 2 billion KRW to Lee. At that time, An had secretly agreed to acquire a 5% stake in an entertainment agency in exchange for enabling an investment of several hundred billion KRW without Kang’s knowledge, and the embezzled 2 billion KRW was intended to be deposited as a security deposit with Mr. A, who was managing the company until the investment was realized, according to the prosecution.

An is the husband of Sung Yu-ri, a member of the group Fin.K.L and an actress. Kang is also on trial after being indicted in February for embezzling funds from a Bithumb affiliate and manipulating stock prices.