RATE Group | South Korean Exchange CEO Sentenced to 16 Years in Prison
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South Korean Exchange CEO Sentenced to 16 Years in Prison

13 Nov South Korean Exchange CEO Sentenced to 16 Years in Prison

Posted at 13:12h in Bitcoin News by

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South Korean Exchange CEO Sentenced to 16 Years in Prison

A South Korean district court has sentenced executives of a local crypto exchange to prison. The CEO of the exchange got a 16-year jail sentence while other executives and their accomplices got between six and 11 years. They duped thousands of investors, promising them up to 200% return within weeks.

Also read: Korean Presidential Committee Pushes to Legalize Crypto

Hefty Sentences for Crypto Exchange Executives

The Seoul Central District Court has reportedly handed hefty prison sentences to executives of local cryptocurrency exchange Coinup. Judge So Byeong-seok sentenced 53-year-old CEO Kang Seok-jung to 16 years in prison for committing fraud under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes. In addition, the exchange’s CFO was sentenced to 11 years in prison while other executives and their accomplices got between six to nine years each. The executives were arrested in March on suspicion of investment fraud.

South Korean Exchange CEO Sentenced to 16 Years in Prison

Coinup’s…

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