Former Bithumb CEO Lee Sang-jun has reportedly been sentenced to prison after being found guilty of receiving cash and gifts to engage in a fraudulent token listing scheme. 

Local Korean news outlet The Hankyoreh reports that the Seoul Southern District Court has sentenced the 55-year-old to two years behind bars and ordered him to pay a fine of 52 million won ($35,367) for receiving money and lavish items as bribes from businessman Kang Jong-hyun.

Kang allegedly shelled out 3 billion won (roughly $2 million) in cash and over $272,000 worth of luxury watches, designer bags and exclusive restaurant membership cards to get a coin listed on Bithumb. Kang received a sentence of one year and six months of jail time for breach of trust charges. 

The bribery scheme also involved former professional golfer Ahn Sung-hyun, who served as the middleman responsible for receiving and delivering the cash and goods. The court said that he deceived Kang when he took a large portion of the money intended for Lee. Ahn was sentenced to four years and six months in prison.

Bithumb is South Korea’s largest crypto exchange by daily trading volume and a coin listing can potentially drive up prices. The price of PONKE (PONKE) and Raydium (RAY) surged after the platform announced spot trading support for these two Solana (SOL)-based crypto assets last month.

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