South Korean court jails three crypto scammers for $416K fraud scheme
The post South Korean court jails three crypto scammers for $416K fraud scheme appeared on BitcoinEthereumNews.com.
Three people pulled a prison sentence from a South Korean court for orchestrating an investment scheme that defrauded victims of around 610 million Korean won (approximately $416,000). Busan District Court Criminal Division 6 convicted the defendants of breaching the Act on the Aggravated Punishment of Specific Economic Crimes. Busan crypto scammers deceived investors with false promises The three men ran an illicit crypto investment in a building in Busan in June 2019, deceiving investors by promising to “select and trade around 1,000 quality coins (virtual currencies) from around the world. They promised investors monthly returns equivalent to 30% of their initial investments. The investment scammers used a proprietary trading algorithm they claimed would yield profits by exploiting market fluctuations. There was no such algorithm, and the funds raised were diverted for personal spending. In total, they defrauded the investors of 610 million won. The court sentenced the ring leader to four and a half years in prison. The other two, who remain unnamed for legal reasons, received three and a half years, and the one for two years and six months. While delivering the verdict, the preceding judge said the defendants took advantage of the public’s interest in cryptocurrency investment opportunities to defraud and deceive innocent investors. According to the judge, that type of behavior erodes trust in the financial system and deserves harsh punishment. The case underscores South Korean authorities’ growing scrutiny of crypto-related crimes. The country has introduced stricter regulations and oversight to safeguard investors and uphold market integrity in the past few years. According to legal experts, the ruling sends a message to would-be criminals that fraud is a serious offense in the world of crypto. South Korea’s crypto boom sparks tighter fraud crackdown As per recent data submitted to Rep. Cha Gyu-geun of the Rebuilding Korea Party, South…
Filed under: News - @ March 31, 2025 5:51 am