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.

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.

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.

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