South Korean Supreme Court Jails $153m Crypto Fraudster for 10 Years South Korea’s Supreme Court
has jailed a crypto fraudster who amassed $153 million for 10 years, upholding a sentence handed out in February.
The man, surnamed Ko, was the CEO of a crypto firm that called itself QRC Bank. He was convicted of defrauding some 5,400 crypto investors earlier this year in a verdict delivered by a District Court branch in Seoul. Ko appealed this verdict. An appeal was rejected by a branch of the High Court.
But Ko pursued the matter in the Supreme Court. Per Newsis, the Supreme Court ultimately rejected Ko’s appeal,
upholding the original 10-year jail sentence. Ko has also been fined almost $1 million. The presiding judge said that the
10-year verdict was a “suitably severe” punishment that was “commensurate with the defendant’s guilt.” The judge added: “Most of Ko’s victims were elderly. Many of them were vulnerable North Korean defectors and economically vulnerable foreigners.”
