The Founder and CEO of a cryptocurrency exchange Coinup, Kang Seok-jung, has been sentenced to 16 years in jail by the Seoul Central District Court.
According to local news outlet Yna.co.kr, Kang was convicted of cheating regarding investors in a total amount of over $386 million.
Back in 2018, as a part of the fraud campaign, Kang alongside his associates made fake images with South Korean President Moon Jae-in.
Earlier iHodl reported that the U.S. Federal Bureau of Investigation (FBI) charged Matjaž Škorjanc, the Slovenian founder of cryptocurrency mining service NiceHash, with racketeering and conspiracy to commit wire fraud and bank fraud.
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