News View Non-AMP

Crypto News: South Korean Trio Jailed for Crypto Ponzi Scheme Promising 30% Monthly Returns

Published by
Anjali Belgaumkar

A South Korean court has sentenced three members of a crypto scam ring to prison for deceiving investors out of 610 million won (approximately $460,000) by promising high returns through cryptocurrency investments.

Court Sentences Crypto Scam Ring Members to Prison

As reported by  Chosun Ilbo, Busan District Court’s Criminal Division 6, led by Presiding Judge Kim Yong-gyun, announced the verdict on March 30. The court sentenced the group’s leader, Mr. A, who served as the CEO of an investment company, to 4.5 years in prison. Two other members of the gang received prison sentences of 3.5 years and 2.5 years, respectively.

The defendants established an investment firm in Busan in June 2019, claiming they would select and trade around 1,000 high-quality virtual currencies from across the globe. They promised investors monthly returns of 30% on their original investments. However, instead of managing the funds as promised, the group embezzled the money for personal gain.

Court Criticizes Crypto Fraud and Growing Issue in South Korea

The court criticized the defendants for exploiting the victims’ lack of knowledge about cryptocurrency investments. The judge stated, “Mr. A and others committed the crime by taking advantage of the victims’ lack of knowledge about coin investment,” adding that the method and circumstances of the crime were “very poor,” as they misled investors with false promises.

This case shows the growing issue of crypto-related fraud in South Korea. Earlier this month, prosecutors arrested a top crypto market maker on scam coin-related charges, and reports of similar fraud cases continue to rise.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

Three Projects That Were Long RISC-V Before Vitalik Began Shilling It

Last week, most ethereans had never heard of RISC-V, let alone worked out how to…

April 23, 2025

Why Ethereum Price is Up Today— Key Reasons Behind It

Ethereum, the world’s second-largest cryptocurrency, has made a strong comeback after dipping below $1,400 not…

April 23, 2025

XRP Futures Take Off on Coinbase, Hit $100M in Daily Volume

Coinbase officially launched XRP futures contracts on its U.S. Derivatives Exchange on April 21. The…

April 23, 2025

Trump Triggers Bitcoin Rally Again—How High Will BTC Price Go This Bull Run?

The weekly trade began with a huge bullish push, which uplifted the Bitcoin price above…

April 23, 2025

DeepBook Protocol Price Prediction 2025, 2026 – 2030: Is DEEP a Good Investment?

Story Highlights The DEEP price today is . The DeepBook Protocol price could shoot to…

April 23, 2025

Crypto News: Tether, SoftBank, and Bitfinex Back $3B Bitcoin Investment

Bitcoin has just soared past $90,000, and the market is buzzing with excitement. This new…

April 23, 2025