'Coin Listing Solicitation' Kang Jong-hyun Admits Charges... Lee Sang-jun and Ahn Sung-hyun Deny

Claims by Lee Sang-jun, former CEO of Bithumb Holdings, professional golfer Ahn Seong-hyun, and businessman Kang Jong-hyun, who were indicted on charges of exchanging more than 3 billion KRW in money and valuables for coin listings, conflicted. Kang, who was indicted for giving the valuables, admitted to the charges, but Lee and Ahn, who were accused of receiving the valuables, denied the allegations.

[Image source=Yonhap News]

At the first trial held on the 21st at the Seoul Southern District Court Criminal Division 11 (Presiding Judge Jeong Do-seong), Kang’s side, accused of mediation of breach of trust, stated, "We admit all the charges."

However, Lee and Ahn, accused of breach of trust, denied the charges. Lee’s side said, "There is no fact of receiving 3 billion KRW in cash, and although it is true that luxury bags mentioned in the indictment were received, these items did not arise from the breach of trust scheme, so we deny all charges overall."

Ahn’s side stated, "Ahn is not in a position to receive breach of trust but was indicted as an accomplice," adding, "It is said that 5 billion KRW in cash was delivered under the pretext of a request in this case, but all funds were confirmed to have been used for gallery purchases and other purposes," and "There was never any money delivered under the pretext of a request." They further added, "Regarding the fraud charges, we dispute the charges themselves, and the money received was not under the pretext of a request but was received for the acquisition of an entertainment company." Song’s side also denied involvement, stating, "We deny any involvement or knowledge of the financial transactions in this case."

According to the prosecution, Lee and Ahn 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, after receiving a request for listing a specific coin on the virtual asset exchange Bithumb. Lee is also accused of receiving luxury items worth about 44 million KRW, including luxury bags and high-end clothing, directly from Kang, who requested a quick coin listing. Ahn was also charged with fraud under the Act on the Aggravated Punishment of Specific Economic Crimes for embezzling 2 billion KRW from Kang, who allegedly used him to make requests to Lee.

As the claims of Lee, Ahn, and Kang conflicted, the court decided to proceed with witness examinations and other procedures. Their second trial is scheduled for 11 a.m. on the 12th of next month.

This content was produced with the assistance of AI translation services.