By George Ward
In S. Korea, where cryptocurrency scam is on the rise, a con artist over 60 has just been sentenced to six years in prison. His offence was tricking people into buying a fake stablecoin.
An unidentified person in his 60s, identified only as A due to legal reasons, was detained at a branch of Busan Court. A was charged with suspicion of breaking the Aggravated Prosecution of Specified Economic Criminals (APSEC) act, according to Segye Ilbo.
According to testimony in court, A planned a clever con that defrauded 35 people from assets totalling thousands of US dollars from July 2018 to November 2019. In addition, A founded a business in Busan city.
Then, he went on to conduct “investor awareness sessions” there in an attempt to produce delight in the company. As seen from the testimony in court, the sexagenarian asserted: “when you buy coins before it has been listed, it will help you make gains of more than x10.”
We have built a stablecoin that will be published on a significant local marketplace in Aug 2019. A further asserted that their business had “built an ATM” to exchange money from across the globe.
Cryptocurrency Scams And South Korea
A went on to enlist his sibling and son inside this con by “ensuring they take on roles,” including “attracting fresh sponsors.” A then went ahead and invested the money from the venture capitalists in real estate “using their names.”
The unknown conman also issued repayments to existing investors who came early using the funds of newer participants in the conventional Ponzi fashion. Thus, giving the false appearance that their holdings were generating profit.
A’s evil “techniques” were criticized by the judge in the case, who described the atrocities as “methodical” and “reiterated.” Similarly, three S. Koreans in their thirties were convicted of a felony a few weeks ago.
They set up a fraudulent cryptocurrency exchange and defrauded customers out of approximately $61,000. In addition, the trio allegedly deceived investors by offering free Ethereum and Rolex watches in exchange for their money.