Bithumb Ex-CEO Receives $3.5M While Incarcerated for Bribery
Former CEO of Bithumb, Lee Sang-jun, who is currently serving a sentence for bribery, has received a payment of approximately $3.5 million from the company during his incarceration. This amount includes a $1.4 million bonus, $1.5 million retirement severance, and a $320,000 salary. Bithumb stated that Lee made significant contributions to the professional operations of the company. Meanwhile, the cryptocurrency industry in South Korea has seen a rise in salaries, with the chairman of Dunamu, the parent company of Upbit, receiving around $82 million last year, and average employee salaries reaching $147,000.
Neutral
The news of a former CEO receiving substantial compensation while incarcerated does not have a direct impact on cryptocurrency prices or market stability, hence it is categorized as ’neutral’. It’s more indicative of internal corporate governance and compensation policies, which may impact the perception of the company but not the broader crypto market. Historically, such news may lead to public relations issues but typically does not lead to significant market movements.