A South Korean court has jailed a man who created a fake securities trading platform and laundered his illegal gains of $4.20 million in cryptocurrency. According to the South Korean newspaper Hankook Ilbo, the operator of the fake platform copied the trademark and data of a well-known securities firm in an attempt to make the scam look more real.
The case was heard in the criminal division of the Gwangju District Court. The presiding judge, Kim Young-kyu, pointed out that the platform defrauded 116 victims in total. Judge Kim ultimately sentenced the man to eight years in prison. The court hearing pointed out that the accomplices, who were about 41 years old, helped him convert investors' 2.90 million dollars into cryptocurrency multiple times through company accounts and private wallets to complete the money laundering process.
The case highlights the surge in criminal activity in the crypto industry. According to FBI data, reported losses from crypto investment scams exceeded $5.80 billion in 2024. According to DefiLlama, cybercriminals stole more than $2.40 billion in 2025 through hacks and exploits, double the amount in 2024. In addition, the so-called romance scam scam stole $4 billion in 2024, and Chainalysis data shows a surge in related cases.
A South Korean man who ran a fake securities platform and used cryptocurrency to launder 2.90 million dollars was sentenced to 8 years in prison
2025-11-25 17:57:55
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