A South Korean court has sentenced three cryptocurrency fraudsters to prison, with the amount involved reaching $416,000

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 ringleader was sentenced to four and a half years in prison, while his two accomplices were each given sentences of three and a half years and two and a half years respectively. These three individuals carried out illegal cryptocurrency investment activities in a building in Busan in June 2019, claiming they had an algorithm that could trade from approximately 1,000 high-quality cryptocurrencies worldwide, promising investors a monthly return on investment of 30%.

In reality, they did not have any trading algorithms at all. The funds raised - about KRW 610 million (approximately USD $416 thousand) - were used for personal consumption.