South Korean gets prison time for $2m crypto scam promising 50% returns
A South Korean man in his 30s has been sentenced to three years in prison for defrauding a crypto investor of 2.93 billion won (approximately $2.04 million).
The Changwon District Court convicted the man, identified only as Person A, of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.
He had posed as a wealthy investment expert and lured his victim, met through an online chatroom, by promising to guarantee the principal and provide annual returns of 30 to 50%, according to The Kookje Daily News.
Between December 2021 and August 2023, Person A received funds from the investor on 324 occasions. He claimed the money would be used for cryptocurrency investments, but in reality, he had…
