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South Korea Upholds 10-Year Prison Sentence for $153 Million Crypto Fraud

Key Takeaways

South Korea’s Supreme Court has upheld a 10-year prison sentence for a cryptocurrency fraudster who defrauded investors of $153 million.

The Supreme Court ruled that the prison sentence and fine imposed on the fraudster were appropriate given the severity and impact of his crimes.

The fraudster and his associates used promises of guaranteed high returns and claims of legitimacy to trick vulnerable investors.

Fraudster Convicted of Cheating 5,400 Investors

Ko, the CEO of QRC Bank, was convicted of cheating around 5,400 cryptocurrency investors. After an initial 10-year prison sentence from a district court in February, Ko appealed the decision but the High Court and Supreme Court upheld the sentence. [1]

Prison Sentence and $1 Million Fine Upheld

In addition to the 10-year prison sentence, the Supreme Court fined Ko almost $1 million. The court found the sentence appropriate given the severity and impact of Ko’s crimes on vulnerable victims, including the elderly, North Korean defectors, and economically disadvantaged foreigners. @cryptonews

Ko Claimed Innocence but Arguments Rejected

Ko’s claims of innocence were not accepted by the court, which dismissed legal arguments regarding purported factual and legal misconceptions. [2]

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