Pro Golfer ‘Crypto Listing Bribery’ Trial Begins in South Korea

The trial of the South Korean former pro golfer Ahn Sung-hyun began on September 10, with the sports star accused of colluding to list altcoins on the crypto exchange Bithumb.

Per Maeil Kyungjae , the trial got underway at a branch of the Seoul Southern District Court. Ahn is accused of fraud and breach of trust under the terms of the Act for Specific Economic Crimes.

Pro Golfer Crypto Controversy

Officials think that Ahn “received tens of billions of won in bribes” from an unnamed “domestic coin issuer” under “the pretext of helping Bithumb list” one or more tokens.

Prosecutors launched a case against Ahn last year . They think he and Lee Sang-jun, then the CEO of Bithumb Holdings, conspired to list token(s) on the exchange in exchange for bribes.

Ahn turned pro in 2005. He later went on to become part of the coaching setup at South Korea’s national golf team.

However, he is better known as the husband of the former FinK.L member Sung Yu-ri. FinK.L was a chart-topping “first-generation” K-pop group. Sung has since gone on to become a top-billing actress.

The controversy surrounding Ahn began in October 2022, when investigative journalists revealed he was the owner of an imported car used by the reclusive investor Kang Jong-hyun .

Sung and Ahn at their wedding in 2017. (Source: @sung_yuri/Instagram)

Suspect Admits Money ‘Changed Hands,’ But Denies Bribery Charges

Kang is thought to be the shadowy “real” owner of Bithumb, and has allegedly bought firms with smaller stakes in the crypto exchange.

Officials think Kang and his associates manipulated altcoin prices on the platform to their own benefit.

Kang has also been accused of using this revenue to shower gifts on his own celebrity former girlfriend.

Prosecutors think Kang and Ahn are friends. But they think Ahn may have abused his relationship with Kang to convince the latter to list the coins.

Offcials say that Ahn lied to Kang, by telling his friend in January 2022 that Lee had requested payments of over $1.5 million to “list the coins quickly.”

At a hearing at the Seoul Southern District Court in December 2023, Ahn told a judge that he and Kang had “exchanged money.”

But he denied that he had lied about receiving “a request” for money from Lee.

Celebrity Scrutiny

Ahn and Sung married in 2017. Per OSEN , some news reports have suggested that Sung may also be indirectly involved in the case.

Allegations surfaced suggesting a cosmetics company she is affiliated in received investment funding from a Kang-associated firm.

The firm has since admitted that it did receive the investment. But said that it had “immediately” returned the funds after judging that “it did not fit with the company’s image.”

Meanwhile, Digital Today reported that stablecoins have become the new battleground for Bithumb and is closest rival, Upbit.

The volume of trades per market pair on the Bithumb crypto exchange on Sep 10, 2024. (Source: CoinGecko)

Upbit is currently offering commission-free trading for the USDT and USD Coin (USDC) tokens until September 13.

Trading volumes on the Upbit crypto exchange over the past week. (Source: CoinGecko)

Upbit appears to be responding to a promotional commission fee-free stablecoin trading event that Bithumb has also recently extended to September 13.