South Korean Crypto Exchange CEO Jailed For 16 Years

South Korean Crypto Exchange CEO Jailed For 16 Years

THELOGICALINDIAN - Senior admiral at a South Korean crypto barter accept been accusable in affiliation with a 386 actor advance artifice The account marks yet addition desperate activity taken by authorities in the country adjoin cryptocurrency exchanges

Eight Crypto Exchange Execs Indicted for Fraud

According to Yonhap News, a cloister in Seoul on Monday (November 11, 2019) sentenced Kang Seok-jung, CEO of crypto barter Coinup to 16 years in prison. The cloister begin the crypto barter arch of actuality accusable of orchestrating a $386 actor cryptocurrency scam.

Apart from Kang (also accepted as “Cash Kang”) seven added chief admiral additionally bagged bastille terms. The company’s carnality admiral accustomed a 7-year book while addition baronial affiliate of the barter bagged an 11-year sentence. Added accusable chief admiral saw bastille agreement amid six and nine years.

According to letters from the investigation, Coinup answer a counterfeit crypto advance arrangement that promised 200% allotment amid 4 and 10 weeks. An extract from the court’s acumen reads:

Reports announce that law administration admiral in South Korea accept had the crypto barter in their architect over the Ponzi scheme. Authorities in the country accept in contempo times been on the abhorrence with counterfeit actors in the crypto space.

Naïve Investors Not at All Innocent

While carrying judgment, the cloister additionally abhorrent investors for not accomplishing abundant due diligence, appropriately authoritative themselves an accessible casualty to such fraudsters. According to the judge, acquisitiveness and the attraction of accessible money is the acumen why investors abide to abatement victims to such busy scams.

The court’s adjudication comes at a time back the South Korean arena appears to be experiencing a dip in fortunes. Several stakeholders additionally say the over-regulated attributes of the industry is driving crypto business to friendlier shores.

Back in 2018, badge conducted frequent raids on South Korean crypto barter establishments. The country has back banned practices like bearding trading and allowable banks to set acrimonious KYC/AML acquiescence for cryptocurrency exchanges in South Korea.

What do you anticipate about these chief crypto admiral bagging bastille sentences for their crimes? Let us apperceive in the comments below.

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