South Korean court sentences three cryptocurrency scammers to prison for $416,000

according to Cryptopolitan, three cryptocurrency investment scammers were sentenced to prison by the Busan District Court for violating the "Specific Economic Crime Aggravated Punishment Act". The main offender was sentenced to four and a half years in prison, while the two accomplices were sentenced to three and a half years and two and a half years respectively.

These three individuals conducted illegal cryptocurrency investment activities in a building in Busan in June 2019, claiming to have an algorithm that could trade from around 1000 high-quality cryptocurrencies globally, and promising investors a monthly return of 30% on their investment. In reality, they had no trading algorithm, and the funds raised, approximately 610 million Korean won (about $416,000), were used for personal consumption.