South Korean court convicts first non-regulatory transfer cryptocurrency fraud case

According to Digital Asset, the Goyang branch of the Korean District Court has ruled on a fraudulent cryptocurrency investment case involving approximately 501 million Korean won (about 375,000 USD). The court found that the money laundering individuals violated the "Virtual Asset User Protection Act" and other laws, sentencing them to two years and six months in prison.

The report states that this is the first time in South Korea that a court has made a guilty verdict based on this law in a case that was not referred by the financial regulatory agency. The fraud group 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, defrauding the victims of the related funds. The case was initially ruled in July of this year, and the appeal was dismissed in October, with the judgment now in effect.