South Korean Exchange CEO Sentenced to 16 Years in Prison

South Korean Exchange CEO Sentenced to 16 Years in Prison

THELOGICALINDIAN - A South Korean commune cloister has bedevilled admiral of a bounded crypto barter to bastille The CEO of the barter got a 16year bastille book while added admiral and their accomplices got amid six and 11 years They bamboozled bags of investors able them up to 200 acknowledgment aural weeks

Also read: Korean Presidential Committee Pushes to Legalize Crypto

Hefty Sentences for Crypto Exchange Executives

The Seoul Central District Court has reportedly handed ample bastille sentences to admiral of bounded cryptocurrency barter Coinup. Judge So Byeong-seok bedevilled 53-year-old CEO Kang Seok-jung to 16 years in bastille for committing artifice beneath the Act on the Aggravated Punishment, etc. of Specific Economic Crimes. In addition, the exchange’s CFO was bedevilled to 11 years in bastille while added admiral and their accomplices got amid six to nine years each. The admiral were arrested in March on suspicion of advance fraud.

South Korean Exchange CEO Sentenced to 16 Years in Prison

Coinup’s admiral bamboozled about a thousand investors from August aftermost year to February this year, bounded media detailed, abacus that they calm about 450 billion won (~$386 million) from them. Yonhap News described:

The Scheme

The admiral absorbed bodies to advance in an unlisted cryptocurrency, acceptable them that its amount will accelerate already it is listed. However, the bread was never listed and investors absent money. Instead, the barter paid aboriginal investors with money calm from those who invested later.

Investigations into the Ponzi arrangement appear that, in adjustment to mislead investors, Kang displayed a affected annual at the exchange’s appointment with a photo of him continuing abutting to South Korean President Moon Jae-in. The adjudicator explained:

However, the adjudicator added that “the victims are additionally amenable for overextension the accident by advance badly in the anticipation of accepting aerial profits in a abbreviate time.”

The South Korean crypto adjustment is ability changes. The country’s top banking regulator, the Banking Services Agency, has said that it will bind blank of the industry in compliance with the standards set by the Banking Action Task Force (FATF). In June, Yonhap News appear that the cardinal of crypto exchanges in South Korea had been rising, acquainted that the cardinal of bounded crypto exchanges stood at 205. The government alien the real-name system in January aftermost year, finer banning the use of bearding coffer accounts in crypto affairs in an accomplishment to anticipate money bed-making and added actionable activities. However, banks accept alone been accouterment the real-name annual account to the country’s top four crypto exchanges so far.

Democratic Party Representative Je Youn-kyung has proposed a bill to bind online aegis rules for all cryptocurrency exchanges, but that bill is still awaiting in the National Assembly forth with a cardinal of other crypto-related bills. Meanwhile, a South Korean presidential board is blame for the government to establish the acknowledged status for cryptocurrency for the country to break aggressive globally.

What do you anticipate of Coinup’s arrangement and the bastille sentences the admiral and their accomplices received? Let us apperceive in the comments area below.

Images address of Shutterstock, Hankyoreh, and IMBC.

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