South Korean Court Convicts First Non-Regulatory Crypto Fraud Case

The Goyang branch of the Uijeongbu District Court in South Korea has ruled on a fraudulent cryptocurrency investment case involving approximately 501 million KRW (about 375,000 USD). The court found that the individuals involved in money laundering violated the "Virtual Asset User Protection Act" and sentenced them to two years and six months in prison. This marks the first conviction in South Korea under this law for a case that was not referred by financial regulatory authorities. The fraudsters lured 14 victims into purchasing non-existent unlisted tokens through a fake investment website, claiming that profits could be made once the tokens were listed, ultimately defrauding them of the related funds. The case was initially ruled in July this year, and the appeal was dismissed in October, making the judgment effective.

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