Add as a preferred source on GoogleSouth Korean Court Records First Confirmed Conviction Without Regulator Referral
The conviction under the Virtual Asset User Protection Act followed a fake token investment scheme that collected about $375,000 from 14 victims.
A South Korean court has issued the country’s first confirmed conviction under the Virtual Asset User Protection Act in a case that began without a financial-regulator referral.
The Goyang Branch of the Uijeongbu District Court sentenced a money-laundering participant to two years and six months in prison for violating the act and other laws.
The case involved a fake investment website that directed people toward tokens that did not exist. It promised large returns after the tokens were listed and took about $375,000 from 14 victims.
The court issued its first-instance ruling in July. An appeal was rejected in October, making the judgment final.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.