Trio Jailed for $416K Crypto Fraud by South Korean Court
A South Korean court has sentenced three individuals for orchestrating a crypto investment scam that defrauded investors of approximately 610 million Korean won ($416,000).
The Busan District Court’s Criminal Division 6 found them guilty of violating the Act on the Aggravated Punishment of Specific Economic Crimes.
Operating from a building in Busan in June 2019, the fraudsters lured investors with promises of 30% monthly returns, claiming to use a proprietary algorithm to trade 1,000 high-quality cryptocurrencies.
In reality, no such algorithm existed, and they diverted investor funds for personal use.
The ringleader received a four-and-a-half-year prison sentence, while his two accomplices were sentenced to three and a half years and two years and six months, respectively.
