A South Korean crypto fraudster who duped victims out of some $1.7 million worth of bitcoin (BTC), ethereum (ETH), and fiat has been handed a five-year jail sentence.
Chosun reported that the man (33), identified only by his surname Han, was sentenced by the Criminal Division of the Seoul Central District Court. The court also fined Han around $700,000.
The court heard that Han had claimed to have created a blockchain-powered platform for webtoons – web-based cartoon strips – in April 2019. Webtoons are extremely popular in South Korea, and have grown into a multi-billion-dollar industry.
Han created a firm to back this project, and the company apparently went on to create a cryptoasset. Han claimed that this token would become the sole currency that could be used on the platform. The court heard that he told investors in his project that the firm was seeking to have the coin listed on a major crypto exchange – and that this would see its worth rise 10 times higher than its current...
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