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Two leaders of the South Korean cryptography center Komid were sentenced to jail time for simulating the volume of transactions and misleading investors.
According to a report by CoinDesk Korea, the company's CEO, Hyunsuk Choi, was sentenced to three years in prison for his role in the crime as well as embezzlement. Another team member, Park Mo, was two years old, according to the local information source Blockinpress.
The court found that Choi had established a number of fake accounts on the swap in January 2018 and, with the help of a trading robot, made millions of fake transactions with a crypto- currency and credit in Korean won that did not exist.
The court, chaired by South Korea's highest judge Ahn Seong-joon, also ruled that Choi had transferred bitcoin from the stock market to an external portfolio, CoinDesk Korea said.
According to Blockinpress, who added that the crime had brought in about $ 45 million in fees, the judge said:
"Choi has committed fraud for countless victims for a long time … Moreover, he holds the financial authorities accountable for not having been able to better follow the evolution of the sector."
Choi was reportedly arrested after the sentencing hearing.
In April, South Korean police arrested four officials for two crypto-currency swindles. One of the interviewees was the CEO of Coinnest, while the identity of other leaders and the exchange was not made public at the time.
Image of handcuffs via Shutterstock
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