Edaily reported that on the 19th of last month, the Seoul Northern District Court sentenced 8 people, indicted on charges including fraud, violations of the Electronic Financial Transactions Act, the Act on Reporting and Using Specified Financial Transaction Information, the Act on Regulation of Similar-Receipt Activities, and the Act on the Regulation and Punishment of Criminal Proceeds Concealment, to either imprisonment or probation. The two masterminds who led the crime were each sentenced to 14 years in prison. The head of the sales organization received 8 years, and the remaining four accomplices were sentenced to 4 to 7 years each. One person involved only in similar-receipt activities was sentenced to 1 year in prison, 2 years of probation, and 80 hours of community service. They fabricated false white papers and business plans by piecing together existing data or data from other companies, recruited people to lend their names, and successively issued and sold nearly 30 coins. In particular, if listing on an overseas exchange was difficult, they manipulated investors' apps to display coins as if they had been normally paid even without actually distributing them, and artificially inflated exchange prices through wash trading to make it appear as if the coins were being traded normally.
