Add as a preferred source on GoogleSouth Korean Court Acquits Jonber Kim in $230 Million Crypto Case.
The court found prosecutors had not shown that project promotions led investors to buy tokens. Two other defendants received suspended prison terms over Coinone’s listing review.
A South Korean court acquitted crypto operator Jonber Kim on Oct. 15 after prosecutors failed to link project promotions to purchases in a case involving $230 million in alleged crypto fraud.
The Seoul Southern District Court said promotions about POD and ATT (Atube) may have misrepresented the substance of those projects. Prosecutors did not prove that individual investors bought the tokens because they were misled by those claims.
Prosecutors also failed to provide enough evidence to support charges that Kim manipulated token prices or diverted proceeds from POD sales.
Two other defendants received suspended prison terms for submitting false materials during a Coinone listing-renewal review, which obstructed the exchange’s screening process. One received a four-month prison term, suspended for one year; the other received six months, suspended for two years.
The first-instance decision in South Korea covered both claims involving token buyers and a separate allegation of interference with Coinone’s review process.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.