Jonber Kim Acquitted in $253 Million Token Fraud Case

The Southern District Court of Seoul has delivered a first-instance verdict in a case involving approximately $253 million in POD and ATT token fraud, declaring the defendant Jonber Kim not guilty. The court found that the defendant had made misleading representations regarding the project's progress, business prospects, and use of funds, but the prosecution failed to prove that specific investors purchased tokens based on false information, thus the fraud charges were not established; related breach of trust charges were also acquitted due to insufficient evidence. Additionally, two co-defendants were sentenced to prison with a suspended sentence for submitting false information during the review process for listing on Coinone.

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