South Korean court sentences money launderer in fake-token scam
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From late December 2024 to February 2025, 14 victims made 76 transfers totaling about 501 million won to accounts linked to a fake-token investment scam. A court in Goyang, South Korea, found that a money launderer knew the funds came from fraud and understood that money laundering was crucial to the scam’s operation. It sentenced the defendant to two and a half years in prison under the Virtual Asset User Protection Act. The sentence took effect in October after the defendant’s appeal was dismissed. The report noted that this was the first ruling under the Act made without a referral from the Financial Supervisory Service (FSS) or the Financial Services Commission (FSC).
AI-written from reports · updated 1 hour ago
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- CryptopolitanA South Korean court in Goyang sentences a money launderer in a fake-token scam under the Virtual Asset User Protection Act
A South Korean court in Goyang sentenced a money launderer in a fake-token investment scam to two and a half years in prison under the Virtual Asset User Protection Act. The ruling took effect in October after an appeal was dismissed. From late December 2024 to February 2025, 14 victims transferred about 501 million won in 76 transactions. The court found that the defendant knew the funds came from fraud and understood that money laundering was crucial to the scam’s operation. The report noted that this was the first ruling under the Act in a case not referred by the FSS or FSC.
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