South Korea sentences crypto fraudsters

South Korean court sentences three people to jail for cryptocurrency scam

South Korea's Busan District Court recently made a verdict on a complicated cryptocurrency fraud case, and the three main culprits were sentenced to jail for fraudulent investors of 110 million won (about 416,000 US dollars). The court found that the three people used the fake "exclusive trading algorithm" as bait and promised a huge monthly return of 30% to defraud many victims. This algorithm does not actually exist, it is a tool used to commit fraud.

The three defendants (published by last names only: Kim, Lee and Joe) used the public's enthusiasm for cryptocurrencies to fabricate lies from a global trading network to attract investors.

The main culprit Jin was sentenced to four and a half years in prison, while Li and Qiao were sentenced to three and a half years in prison respectively. The judge pointed out that their actions seriously undermined the stability of the financial system and seriously violated the trust of the victims.

The case also highlights the popularity of cryptocurrency investment in South Korea. According to data provided by South Korean MP Cha Gyu-Geun, as of February 2025, about 16.29 million people in South Korea have participated in cryptocurrency investment, nearly one-third of the country's population. Data also shows that in 2025, five government workers held cryptocurrencies.

South Korea's determination to continue to crack down on cryptocurrency crimes is fully reflected in this case. The Seoul Southern District Attorney’s Office has established a dedicated Joint Investigation Unit (JIU) to investigate the growing number of virtual asset crimes. The division was originally formed in 2023 as a temporary working group to deal with the upward trend of cryptocurrency fraud and has now become a permanent institution.

The Busan District Court ruling issued a stern warning to potential scammers: South Korean law does not tolerate any form of cryptocurrency market manipulation.

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