South Korea rules on four gang members involved in the illegal transfer of trillions of won in foreign exchange

ChainCatcher news, the South Korean court has made a ruling against a gang involved in illegal foreign exchange transfers. Four members of the gang were sentenced for illegally transferring approximately 400 billion won in foreign exchange by exploiting price differences in virtual currencies. The main culprit A (43 years old) was sentenced to 3 years and 6 months in prison, while the other two defendants received sentences of 2 years and 2 months and 2 years, respectively. One defendant was sentenced to 1 year and 6 months, with a 2-year probation and 160 hours of community service.

The court stated that the gang profited by having Japanese investors commission the purchase of virtual currencies in Japan and reselling them in South Korea, taking advantage of the relatively lower prices of virtual currencies in Korea. The total amount of foreign exchange they illegally transferred was approximately 400 billion won, with illegal gains of about 27 billion won.

The court found that the defendants obstructed bank remittance operations through means such as forging invoices and contracts, indicating a strong organizational nature and severe nature of the criminal behavior.