Supreme Court acquits golfer Ahn Sung-hyun of crypto bribery and fraud

The Supreme Court of Korea has acquitted professional golfer Ahn Sung-hyun of fraud and bribery charges, overturning a previous sentence of four years and six months in prison. The ruling follows a four-year legal battle regarding allegations that Ahn received 3 billion won in exchange for soliciting cryptocurrency listings on Bithumb.

Professional golfer Ahn Sung-hyun has been acquitted by the Supreme Court of Korea, clearing him of charges involving the receipt of billions of won in exchange for soliciting cryptocurrency exchange listings. After being sentenced to four years and six months in prison during his first trial, Ahn has successfully overturned the conviction in both the appellate court and the final supreme court ruling, bringing an end to a legal battle lasting approximately four years. This verdict is expected to be a significant turning point for Sung Yu-ri, who expressed distress and hardship while watching her husband's trial.

On the 12th, the Supreme Court upheld the lower court's decision to acquit Ahn Sung-hyun, who was indicted on charges including fraud and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. The court dismissed appeals from both the prosecution and the defendants, ruling that there were no errors in the original court's assessment of evidence or its application of legal principles regarding the establishment of accomplices. Meanwhile, former Bithumb Holdings CEO Lee Sang-jun was sentenced to two years in prison with a three-year stay of execution, and businessman Kang Jong-hyun was sentenced to one year in prison with a two-year stay of execution.

Ahn was accused of conspiring with former CEO Lee in 2021 to receive 3 billion won in cash and luxury watches from Kang Jong-hyun in exchange for soliciting the listing of so-called "Kimchi coins" on Bithumb. He was also charged with defrauding Kang of 2 billion won under the pretext that the funds were needed as solicitation money for Lee. The core of the case involved allegations of exercising undue influence over the cryptocurrency listing process and embezzling large sums of money.

However, the acquittal was not immediate. In December 2024, the first-instance court found Ahn guilty of fraud and some bribery charges, sentencing him to four years and six months in prison. At that time, the court emphasized that soliciting coin listings undermines market fairness and transparency, potentially destroying investor trust. The court noted that "solicitation acts undermine market fairness and transparency," adding that they "also seriously damage investor trust and can cause immense damage to innocent investors."

The assessment of key evidence changed during the appellate trial. In February, the Seoul High Court determined that Kang Jong-hyun's testimony—claiming he provided valuables to Ahn Sung-hyun in exchange for listing solicitations—was not credible. Overturning the first trial's guilty verdict, the court stated, "The credibility of Kang Jong-hyun's testimony that he delivered items to Ahn Sung-hyun as consideration for coin listing solicitations is not recognized." The court also viewed the possibility that the money Ahn received was related to coin investments or other businesses, as he had claimed.

The 2 billion won fraud charge was also deemed not guilty during the appeal. The court explained that it was difficult to find a motive for Ahn to defraud 2 billion won, especially given the risk of his lies being exposed. Instead, the court found Ahn's explanation—that he invested 2 billion won in Big Planet on behalf of Kang Jong-hyun—to be more persuasive. Ultimately, the appellate court's finding that there was insufficient evidence to support the listing solicitation and fraud charges was upheld by the Supreme Court.

Ahn Sung-hyun, who debuted as a professional golfer in 2005, also served as a national reserve team coach from 2014 to 2018. In 2017, he married actress Sung Yu-ri of the group Fin.K.L, and they have twin daughters. While widely known to the public as the husband of Sung Yu-ri, he drew significant attention as the central figure in the cryptocurrency listing solicitation allegations.

Sung Yu-ri previously shared her feelings during her husband's trial, expressing her earnest hope by saying, "I pray that the truth about these unfair and difficult matters will be revealed." During the long legal struggle from the initial prison sentence to the acquittal in the appellate court and the final confirmation by the Supreme Court, it appears the family endured considerable burden.

With this Supreme Court ruling, Ahn Sung-hyun has been finally acquitted of the listing solicitation and 2 billion won fraud charges. The legal conclusion is now clear as the appellate court's decision, which overturned the heavy first-instance sentence, was maintained by the Supreme Court. However, while this ruling provides a legal judgment on the specific charges and evidence raised in court, it does not diminish the social interest surrounding the listing procedures and transparency issues in the cryptocurrency market. Attention remains on Ahn Sung-hyun's future steps following his long legal battle and the restoration of daily life for Sung Yu-ri's family.

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