South Korean Crypto Exchange Chief Gets 22 Years in Prison For $1.7B Fraud
The seven executive employees of the South Korean V Global exchange were found guilty on Friday for the crypto fraud of 2 trillion won ($1.7 billion), authorities sentenced them to jail with hefty fines, per the Forkast report. Acting like a Pyramid Scheme, V Global exchange required investors to deposit 6 million won ($5000) for 300% ROI […]
Related News
The sentencing hearing is set for Dec. 20 and could see the former chairman of South Korean crypto exchange Bithumb behind bars for a maximum of eight years if found guilty. The former chairman of the South Korean cryptocurrency exchange Bithumb, Lee Jung-hoon, could face a possible maximum sentence of eight years in prison if found guilty on charges related to an alleged fraud worth $70 million.Local prosecutors asked the Seoul District Court for the sentence on Oct. 25, with the sentencing hearing will be held on Dec. 20 according to a report from Yonhap News Agency.It’s alleged that....
In South Korea, authorities have formally pressed fraud charges against the chairman of a major crypto exchange in the country, Coinbit, plus two unnamed executives of the firm. They are suspected of price manipulation. Coinbit’s Executives Formally Charged by South Korean Authorities According to Newspim, the 5th Investigation Team of the Seoul Metropolitan Police Agency made the official announcement. The same local media outlet quoted the country’s prosecutors, who are preparing themselves for the case, as they believe the executives participated in market manipulation....
The U.S. has sentenced a cryptocurrency exchange owner to 10 years in prison. He “knowingly and intentionally engaged in business practices designed to both assist fraudsters in laundering the proceeds of their fraud and to shield himself from criminal liability,” the Department of Justice alleges. Crypto Exchange Owner Sentenced to 10 Years in Prison The U.S. Department of Justice (DOJ) announced Tuesday that a bitcoin exchange owner has been sentenced to 121 months in prison “for his role in a transnational and multimillion-dollar scheme to defraud American....
A South Korean court has sentenced the former CEO of the defunct crypto exchange Coinnest to 18 months in prison. The court also fined him over $61,000, who also was charged for fraud in 2020. Prosecutors Accused Coinnest Executives of Receiving 110 BTC in Bribes According to Fn News, the Supreme Court of Korea determined that Kim Ik-hwan should spend time in jail, as the authorities previously indicted him in 2018 for accepting bitcoin (BTC) bribes. The investigation unveiled that he and other executives received almost $771,270 worth of BTC (at the time) for arranging the listing of an....
Crypto exchange Binance has announced a discontinuation of South Korean Won trading pairs and language support. Crypto Exchange Binance Pulls Out Of South Korea As per an announcement on the firm’s website, the platform no longer offers support for certain South Korea-related services. These discontinued Binance services include South Korean Won (KRW) trading pairs, KRW […]