South Korean court sentences three cryptocurrency fraudsters to prison for $416000 involved in the case

According to Cryptopolitan, the Busan District Court in South Korea has sentenced three cryptocurrency investment fraudsters to prison for violating the "Aggravated Punishment Law for Specific Economic Crimes". The main culprit was sentenced to 4 and a half years in prison, while the two accomplices were sentenced to 3 and a half years and 2 and a half years respectively. These three individuals engaged in illegal cryptocurrency investment activities in a building in Busan in June 2019, claiming to possess an algorithm capable of trading from approximately 1000 high-quality cryptocurrencies worldwide, and promising investors a monthly investment return of 30%. In fact, they do not have any trading algorithms, and the funds raised, about 610 million Korean won (approximately 416000 US dollars), were used for personal consumption.