South Korean prosecutors demand a 15-year prison sentence for the major shareholder of the cryptocurrency quantitative trading company B&S Holdings

2025-01-23 13:54:53

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ChainCatcher news, according to Digital Asset, South Korean prosecutors have requested to increase the prison term of the major shareholder of the quantitative trading company B&S Holdings to 15 years in an appeal case. This individual is currently serving a 10-year prison sentence for a cryptocurrency fraud case involving a total of 6 billion won (approximately 41.75 million USD).

The major shareholder, whose surname is Bang, was initially convicted in August 2024 of embezzlement from the digital asset management platform Haru Invest and the blockchain trading system developer Traum Infotech. The mismanaged assets were originally entrusted to Traum Infotech for management by the virtual asset deposit platform Delio. Due to the inability to recover these funds, both Haru Invest and Delio had to suspend customer withdrawal services.

Investigators found that Bang had invested most of the customer assets into the cryptocurrency exchange FTX. However, FTX declared bankruptcy in November 2022 due to mismanagement, resulting in these assets being frozen.

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