[DiaryPoint reporter Park Bo-young] The Supreme Court on Nov. 12 finalized former professional golfer Ahn Sung-hyun’s acquittal on fraud and breach-of-trust charges tied to alleged efforts to secure a cryptocurrency listing. The court’s Second Division rejected appeals by Ahn, former Bithumb Holdings CEO Lee Sang-jun and two others, leaving the lower court’s ruling in place.
The case stemmed from allegations that businessman Kang Jong-hyun gave cash and luxury goods between September and November 2021 in exchange for having a particular cryptocurrency listed on Bithumb, a South Korean crypto exchange. Prosecutors said Ahn received 3 billion won in cash plus another 2 billion won and conspired with Lee.
First trial sentenced Ahn to four years and six months
In December 2024, the trial court sentenced Ahn to four years and six months in prison. It found him guilty of jointly receiving two watches and of fraud involving 2 billion won, but did not find that 3 billion won in cash had been passed to Lee or that the two had agreed to receive it.
The appeals court overturned Ahn’s conviction and acquitted him. Although it accepted that Ahn had received 3 billion won, it found Kang’s account insufficiently credible and said it could not rule out that the money was proceeds from an earlier cryptocurrency investment or another business venture. It also said the additional 2 billion won may have been given to Ahn for investment in shares in his name.
Supreme Court finds no flaw in ruling on conspiracy or the alleged quid pro quo
The Supreme Court concluded that the appeals court had made no legal error and had not failed to properly examine the case. According to a summary of the ruling reported by Law Times, Ahn appeared to have acted more as a go-between conveying the request than as a co-perpetrator in Lee’s breach-of-trust offense. The court also found it difficult to establish that the 5 billion won was payment for the listing request based solely on Kang’s testimony, without objective corroborating evidence.
Lee received a different sentence from Ahn. The Supreme Court upheld Lee’s conviction for accepting improper benefits while in a position to influence listing work, including watches, a bag and restaurant perks. His sentence of two years in prison, suspended for three years, and a forfeiture of 11,525,000 won were finalized. Kang’s sentence of one year in prison, suspended for two years, was upheld for providing the watches and bag as improper payments.
Ahn is married to singer Sung Yu-ri. The Supreme Court ruling finalized Ahn’s acquittal and the suspended sentences for Lee and Kang.