A South Korean court sentenced three crypto assets scammers to prison for a total amount of 416,000 USD.

On March 31, according to Cryptopolitan, the Busan District Court in South Korea sentenced three cryptocurrency investment fraudsters to prison for violating the Act on the Aggravated Punishment of Specific Economic Crimes. The ringleader was sentenced to four and a half years in prison, while the two accomplices received sentences of three and a half years and two and a half years, respectively. The three engaged in illegal cryptocurrency investment activities in a building in Busan in June 2019, claiming to possess an algorithm capable of trading from approximately 1,000 high-quality crypto assets globally, and promised investors a monthly return of 30% on their investments. In reality, they had no trading algorithm, and the raised funds, approximately 610 million won (about 416,000 USD), were used for personal expenses. The presiding judge emphasized that the defendants exploited public interest in cryptocurrency investment to commit fraud, which undermines trust in the financial system and should be severely punished. This case highlights the South Korean authorities' stringent stance against crimes related to cryptocurrency.