Sentenced to Four Years and Six Months in Prison in First Trial
Bail Granted in Second Trial for Bithumb CEO and Businessman Involved in Lobbying
The court has granted bail (release under conditions such as a deposit) to former professional golfer Sung Hyun An, who was sentenced to prison and taken into custody after being convicted in the first trial for receiving illegal listing fees worth billions of won in exchange for listing virtual currencies.
Professional golfer Sung Hyun An appears at a pre-arrest detention hearing (warrant review) held on September 1, 2023, at the Seoul Southern District Court in Yangcheon-gu, Seoul, on charges of receiving illegal listing fees worth tens of billions of won from a coin issuing company (fraud and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes). Photo by Yonhap News
The 13th Criminal Division of the Seoul High Court, presided over by Chief Judge Baek Kangjin, approved An's request for bail on June 11. An is facing charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.
The court set bail conditions including a deposit of 50 million won, restrictions on residence, a ban on leaving the country without court approval, and limitations on contact with other defendants and witnesses.
Bail was also granted on the same day to Lee Sangjun, former CEO of Bithumb Holdings, and businessman Kang Jonghyun, who were indicted alongside An and sentenced to prison in the first trial in December of last year. Lee and Kang are charged with breach of trust and offering bribes for breach of trust, respectively.
An and former CEO Lee were indicted in September 2023 on charges of receiving 3 billion won in cash, two luxury watches worth a total of 400 million won, and a high-end restaurant membership card from Kang in 2021 in exchange for listing Coin A on the Bithumb exchange.
An also faces charges of deceiving Kang by claiming, "CEO Lee is asking for 2 billion won for the listing request payment," and separately pocketing 2 billion won.
In the first trial, the court found part of the charges against An and former CEO Lee to be guilty, sentencing them to four years and six months in prison and two years in prison, respectively, along with a forfeiture of about 50 million won. Both were taken into custody in court. Kang was sentenced to one year and six months in prison.
An, who debuted as a professional golfer in 2005 and served as a coach for the national golf team from 2014 to 2018, drew public attention in 2017 when he married Sung Yuri, a former member of the girl group Fin.K.L.
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