July 21, 2024

CEO Bitcoin exchange Coinup sentenced to 16 years in prison

The head of the South Korean cryptocurrency exchange Coinup, whose name has not been disclosed, was sentenced to 16 yearsfindings of fraud. His accomplices received from 6 to 11 years in prison, reports The News Asia.

The attackers were accused of organizing a cryptocurrency pyramid and the so-called pump and dump scheme. They claimed that investors would receive 200% profit within 4-10 weeks.

To convince investors, Coinup executives also created a magazine that posted a fabricated photo of the CEO's exchange with South Korean President Moon Jain.

CEO Bitcoin exchange Coinup sentenced to 16 years in prison

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The scheme ran from August 2018 to February 2019. With its help, criminals raised over 450 billion won (over $ 386 million).

The court found most of those involved in the fraud guilty. Another Coinup executive received 11 years in prison, the company's vice president &#8212; 7 years.

Recall that in the summer, the founder of the BitFunder Bitcoin exchange and WeExchange platform, John Montroll, was sentenced to 14 months in prison on charges of fraud.