South Korean ‘Bogus Crypto Exchange’ Fraudster Jailed A South Korean court has sent an individual who provided a bogus crypto exchange with illegal bank documents to prison for four years. Per Busan Ilbo, Judge Kim Jae-yoon of Changwon District Court sentenced
an unnamed individual “in their 30s” following a fraud conviction. The criminal, referred to in the South Korean media as A for legal reasons,
worked with “gang members” on the project. The court heard that A supplied the gang
with bankbooks in the name of third parties using stolen identity data. The gang, the court heard, created a fake exchange that duped citizens
into investing over $112,000 in the platform. A provided the gang with several bankbooks, as well as official public certificate documentation
and one-time passwords (OTPs) linked to company accounts.
The gang members posed as middle managers
of their bogus crypto exchange, and the court heard that they targeted “victims who had suffered stock investment losses.”
