[Alpha Biz= Reporter Kim Jisun] Five individuals who created a fraudulent cryptocurrency website and swindled 900 million won from investors have been sentenced to prison.
The 11th Criminal Division of the Jeonju District Court (Presiding Judge Kim Sang-gon) announced on the 26th that A (33), who was indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), was sentenced to seven years in prison, while B (39), who was responsible for withdrawing criminal proceeds, was sentenced to six years in prison.
Additionally, the remaining three individuals, who were involved in promoting the investment site or aiding the main culprit in escaping, were each sentenced to imprisonment ranging from 1 year and 6 months to 4 years and 6 months.
A and others were charged with receiving 960 million won from nine investors between October 2022 and February 2023 after creating a fake cryptocurrency investment site.
They lured investors by posting messages on social networking service (SNS) group chats promising "high returns on coin investment" and "guaranteed profits from contract for difference (CFD) trading (a trading product that pays the difference in price without holding the underlying asset)."
It was revealed that the criminal proceeds were divided among the participants, ranging from 15% to 20% depending on their level of involvement.
The court stated, "Considering that the victims suffered significant financial losses due to the crime and are still experiencing mental anguish, it is necessary to punish the defendants severely," and sentenced all defendants to imprisonment, confiscating all criminal proceeds.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
