Lee Sang-joon, the former CEO of South Korean cryptocurrency exchange Bithumb, has been released on bail after being detained for six months.
He was initially sentenced to two years in prison in the first trial for allegedly accepting substantial bribes to facilitate the listing of two cryptocurrencies on the platform.
The decision to grant bail was announced on June 11 by the 13th Criminal Division of the Seoul High Court, presided over by Judge Baek Kang-jin.
His release comes midway through his legal battle, as his appeal against the initial ruling is still ongoing.
Court Imposes Strict Bail Conditions on Lee
The bail granted to Lee Sang-joon includes stringent conditions meant to ensure compliance with ongoing legal proceedings.
The court required a bail deposit of 50 million won, approximately $36,500.
Additionally, Lee is prohibited from changing his residence without notifying the court and must obtain court approval before leaving the country.
He is also banned from contacting any individuals involved in the case. These conditions are in place to prevent any interference with witnesses or attempts to obstruct justice during the appeal process.
Charges Linked to Cryptocurrency Listings and Bribes
Lee’s legal troubles stem from allegations that he received hundreds of millions of won in bribes in return for helping to list two specific virtual assets, XYDO and QVING, on Bithumb.
In exchange, he reportedly accepted expensive gifts, including luxury watches and memberships at high-end restaurants.
These charges led to his conviction for embezzlement and the imposition of a two-year prison sentence in the initial trial.
His case reflects broader concerns in the crypto industry over listing practices and ethical standards among executives at major exchanges.
Co-Defendants Also Released Under Similar Bail Conditions
The court’s bail decision extended beyond Lee, also applying to two co-defendants in the ongoing case.
Kang Jong-hyun, identified as the real owner of Bident, and Ahn Sung-hyun, a former professional golfer, were both indicted alongside Lee on charges related to providing bribes.
Both had been sentenced to prison during the initial trial and are similarly barred from contacting related parties or leaving the country without approval.
The court’s handling of these co-defendants underlines the gravity and interconnectedness of the corruption case involving major figures in Korea’s crypto and business sectors.
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Appeal Trial Underway Amid Ongoing Legal Scrutiny
Although Lee Sang-joon has been granted bail, his legal challenges are far from over.
The appeal process is now in progress, and the prosecution may still seek a harsher sentence or additional penalties depending on further findings.
The case has drawn significant public and regulatory attention in South Korea, where authorities continue to scrutinize the crypto industry’s transparency and governance.
The outcome of this appeal could set a legal precedent for how similar cases involving digital asset listings and executive misconduct are handled in the future.
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