South Korean Man Gets 7 Years for $311 Million Crypto Scheme Fraud

South Korean court increases sentence for crypto scam that raised $311M in public funds Terraform CEO Kwon charged in U.S. for $40B crypto fraud, pleads not guilty Courts now treat crypto like cash in illegal fundraising cases under revised interpretations In a sign of increasing regulatory scrutiny within South Korea, an appeals court has handed down a stiff seven-year prison sentence to a man, identified only as Hahm, convicted of running a fraudulent cryptocurrency investment scheme. As reported by The Hankyoreh, this ruling significantly increases Hahm’s original five-year sentence, emphasizing the seriousness of illegal fundraising activities, regardless of whether crypto or cash is involved. Here’s how the scheme operated: Between February and July 2023, Hahm and a partner held investment seminars across the country. They lured attendees with promises hard to resist – guaranteed principal protection and seemingly impossible daily returns of 1% to 1.38%. To participate, investors had to use a specific payment app linked to a cryptocurrency the organizers were pushing. Related: South Korea Accelerates Crypto Regulations as U.S. Policies Shift … The post South Korean Man Gets 7 Years for $311 Million Crypto Scheme Fraud appeared first on Coin Edition .

Source: Coin Edition