Korean Court Sentences Three Cryptocurrency Scammers to Prison, Involving $416,000

BlockBeats News, March 31st, according to Cryptopolitan, the Busan District Court in South Korea sentenced three cryptocurrency investment scammers to prison for violating the Specific Economic Crimes Aggravated Punishment Act. The main perpetrator was sentenced to 4.5 years in prison, while the two accomplices were sentenced to 3.5 years and 2.5 years, respectively.

These three individuals engaged in illegal cryptocurrency investment activities in a building in Busan in June 2019, claiming to have an algorithm that could trade among approximately 1,000 high-quality cryptocurrencies worldwide. They promised investors a monthly return of 30% on their investments. In reality, they had no trading algorithm, and the approximately 610 million Korean won (about $416,000) they raised was used for personal expenses.

The presiding judge emphasized that the defendants exploited public interest in cryptocurrency investment to commit fraud, undermining trust in the financial system, and deserving severe punishment. This case highlights the strict stance of South Korean authorities on cryptocurrency-related crimes.