South Korean Court Jails 153M Dollars Crypto Fraudster 10 Years

Crypto News- In a landmark decision, South Korea’s Supreme Court has upheld the 10-year prison sentence for Mr. Ko, a notorious cryptocurrency fraudster who illicitly amassed a staggering $153 million. Serving as the CEO of the deceptive crypto entity, QRC Bank, Ko was found guilty of orchestrating a fraudulent scheme that victimized approximately 5,400 crypto investors. The initial verdict was handed down earlier this year by the District Court in Seoul, and despite Ko’s futile attempt to challenge the decision in a High Court branch, he relentlessly pursued the case to the Supreme Court.

South Korean Court Jails 153M Dollars Crypto Fraudster 10 Years

The Supreme Court, resolute in its stance against financial misconduct, ultimately rejected Ko’s appeal, reinforcing the original 10-year imprisonment sentence and imposing an additional hefty fine of nearly $1 million. The presiding judge underscored the severity of the punishment, deeming it “commensurate with the defendant’s guilt.” Notably, the judge drew attention to the vulnerable nature of Ko’s victims, including elderly individuals, North Korean defectors, and economically disadvantaged foreigners.

Crypto Scam Kingpin: South Korea’s Supreme Court Upholds 10-Year Sentence for Fraudster Who Swindled 153 Million Dollars

During the court proceedings, it was revealed that Ko, at the helm of two affiliate firms, QRC Korea and Worldchain, strategically utilized all three companies to bolster the legitimacy of the elaborate scam. QRC Bank was falsely portrayed as an “integrated financial platform,” purportedly utilizing cryptocurrency assets for remittances, exchanges, and payments. Ko enticed investors with the promise of a guaranteed 300% return on their fiat or crypto investments, even misleading them into believing they could purchase stocks in QRC Bank and falsely hinting at an impending Nasdaq listing.

However, a thorough police investigation exposed Ko’s use of classic Ponzi tactics, where funds from new investors were utilized to fulfill returns for earlier investors. In addition to Ko’s sentencing, two fellow executives and a junior employee involved in the fraudulent activities received sentences of five years, two years, and six months, respectively.

This high-profile case underscores South Korea’s steadfast commitment to combating cryptocurrency-related fraud and Ponzi schemes. Authorities are resolute in their efforts to safeguard investors from falling victim to such deceptive and financially devastating activities.