Supreme Court to rule on Ahn Seong-hyeon's crypto bribery case

The Supreme Court of Korea will deliver a verdict on the 12th regarding Ahn Seong-hyeon, who was acquitted by an appellate court after receiving a four-year and six-month prison sentence in the first instance for alleged cryptocurrency listing bribes and fraud.

The Supreme Court of Korea is set to deliver its judgment on the criminal case of Ahn Seong-hyeon, a former professional golfer and husband of actress Sung Yu-ri from the group Fin.K.L. Ahn was indicted on charges of exchanging billions of won in bribes regarding requests for cryptocurrency listings. While he was sentenced to four years and six months in prison and detained in the first instance, he was acquitted in the appellate court. Legal circles and the public are closely watching to see how the Supreme Court will resolve the conflicting rulings of the lower courts.

According to the legal community, the third division of the Supreme Court will conduct the sentencing hearing on the 12th for the case in which four individuals, including Ahn Seong-hyeon, were indicted for violations of the Act on the Aggravated Punishment of Specific Economic Crimes (fraud) and other charges. The core issues are whether the appellate court's acquittal was justified regarding the receipt of money and valuables surrounding the listing on a virtual asset exchange, as well as separate allegations of defrauding 2 billion won.

The case dates back to 2021. In September 2023, Ahn Seong-hyeon and former Bithumb Holdings CEO Lee Sang-jun were indicted on charges of receiving 3 billion won in cash, luxury watches worth a total of 400 million won, and high-end restaurant membership cards from businessman Kang Jong-hyeon, along with a request to list "A Coin" on the Bithumb exchange. Because a listing on an exchange can directly determine the success or failure of a business in the virtual asset market, the central point of the case is whether improper requests and bribes were involved in the listing process.

A separate fraud charge was also applied to Ahn Seong-hyeon. He was accused of receiving an additional 2 billion won by telling Kang Jong-hyeon, "Lee Sang-jun is asking for the 2 billion won for the listing request quickly." Whether money and valuables were actually exchanged during the listing request process, and whether Ahn Seong-hyeon deceived Kang Jong-hyeon to embezzle separate funds, became major points of contention in the legal battle.

The first instance court recognized some of the charges against Ahn Seong-hyeon and Lee Sang-hyeon as guilty. Accordingly, it sentenced Ahn Seong-hyeon to four years and six months in prison and Lee Sang-jun to two years in prison, both of whom were detained in court. The court also imposed a collection of more than 50 million won on the two. It was a decision that recognized strict criminal responsibility for the allegations of receiving bribes related to listing requests and embezzling funds. Kang Jong-hyeon was also found guilty of breach of trust and sentenced to one year and six months in prison.

However, the result changed significantly in the appellate court. The Seoul High Court acquitted Ahn Seong-hyeon. The case took a new turn as he, who had received a prison sentence in the first instance, was cleared of charges in the appeal. On the other hand, former CEO Lee Sang-jun, who was indicted for conspiring with Ahn Seong-hyeon, was sentenced to two years in prison with a three-year stay of execution and a collection of 11,525,000 won. Kang Jong-hyeon, who requested the listing, was also given one year in prison with a two-year stay of execution.

The prosecution appealed the acquittal in the second instance, bringing the case to the Supreme Court for a final decision. Since the first and second instances reached opposite conclusions regarding Ahn Seong-hyeon's criminal responsibility, the key will be how the Supreme Court examines the legal validity of the original judgment. The nature of the money and valuables surrounding the listing request, the circumstances of their delivery, and whether there was deceptive behavior in the process of receiving the additional 2 billion won are expected to be central to the judgment.

This case has also drawn attention due to the opaque listing practices in the virtual asset market and the possibility of exercising influence over exchanges. As a coin listing can directly impact investor interest and capital inflow, any involvement of improper requests or bribery in the process could undermine market fairness and trust. However, the guilt or innocence of individual defendants must be determined through specific evidence and legal judgment rather than suspicion or social controversy.

Ahn Seong-hyeon debuted as a professional golfer in 2005 and served as a coach for the South Korean national golf reserve team from 2014 to 2018. He married actress Sung Yu-ri, formerly of Fin.K.L, in 2017, and the couple has twin daughters. As a well-known couple in the entertainment industry, Ahn Seong-hyeon's trial has garnered public interest not only for the case itself but also in connection with Sung Yu-ri's family history.

Attention is focused on what conclusion the Supreme Court will reach regarding Ahn Seong-hyeon's case, which was overturned from a prison sentence in the first instance to an acquittal in the appeal. The long legal battle surrounding the allegations of billions of won in coin listing bribes reaches a new watershed with today's sentencing.

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