A South Korean court sentenced three cryptocurrency fraudsters to prison, with the amount involved reaching $416,000

According to ChainCatcher, as reported by Cryptopolitan, the Busan District Court in South Korea sentenced three cryptocurrency investment fraudsters to prison for violating the Specific Economic Crimes Aggravated Punishment Act. The main perpetrator was sentenced to four and a half years in prison, while the two accomplices received sentences of three and a half years and two and a half years, respectively. The three conducted illegal cryptocurrency investment activities in a building in Busan in June 2019, claiming to possess an algorithm capable of trading from approximately 1,000 high-quality cryptocurrencies worldwide, promising investors a 30% monthly return on investment. In reality, they had no trading algorithm, and the funds raised, approximately 610 million won (about $416,000), were used for personal consumption.