The South Korean Supreme Court has sentenced a $153 million cryptocurrency fraudster to 10 years in prison. The defendant, Yong-Jin Kim, committed fraud under the guise of cryptocurrency investment projects, resulting in more than $153 million in financial losses to investors. The Seoul Central District Court found Kim guilty of fraud and embezzlement, and ordered that Kim must repay the victims nearly $14.5 million.
Kim sold virtual currency investments using yet-to-be developed platforms and promised lenders returns of up to 100%. He additionally promised investors office space in Johor, a prosperous country in Malaysia at a discounted rate. In total, 4,944 investors became victims of the fraud.
The high court ruling pointed out Kim’s lack of responsibility and malicious intent in the scam, while noting the serious nature of the crime. Kim is the first individual in South Korea to be sentenced to more than 10 years in prison for this type of offence.
This case is a reminder to people around the world to remain vigilant when it comes to investing in cryptocurrency. Although the potential profits are often great, everyone should exercise caution and do proper research before investing in any cryptocurrency project.