A court in South Korea has sentenced a man to eight years for running a fake securities platform that defrauded 116 victims, contributing to the growing global issue of crypto-related scams.
On November 26, a South Korean court sentenced a man to eight years in prison for operating a fraudulent securities platform and laundering $4.2 million through cryptocurrency. The scheme targeted 116 victims, with accomplices converting $2.9 million of the illicit funds into crypto. Data from the FBI shows that crypto-related investment scams in 2024 caused $5.8 billion in global losses.