Korean court jails fake-coin launderer under new crypto user protection law
- Severity
- Low
- Sources
- 1
What happened
A Goyang court (Uijeongbu District Court branch) sentenced a launderer, identified only as 'A', to 2.5 years for laundering about 501 million won (76 transfers, December 2024 to February 2025) from fourteen victims of a fake-token investment scam. The main conviction was under Article 10(4)(1) of the Virtual Asset User Protection Act, plus fraud and concealment of proceeds. The sentence was handed down in July, the appeal was rejected in October, and the court said it was the first ruling under the Act without an FSC or FSS referral. The earlier conviction under the Act, on 4 February 2026, was Jong-hwan Lee's ACE token wash-trading case, which is under prosecutors' appeal.
For experienced traders · Written by AI from 1 source · Wrong?
What to do
- Watch for further prosecutions under the Virtual Asset User Protection Act that do not come through FSC or FSS referral.
- Watch the prosecutors' appeal against the Jong-hwan Lee ruling over the about 7.1 billion won in dropped charges.
Written by AI from the sources, checked against them