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- Court docket denies Hancom Group chairman’s son’s crypto fraud case attraction.
- The courtroom sentenced the chairman’s son to a few years in jail.
- The suspect allegedly created and used slush funds value $6.29 million.
A South Korean courtroom denied the attraction of the Hancom Group chairman’s son, upholding his jail sentence for creating slush funds utilizing crypto. Particularly, the courtroom had sentenced Kim’s son to jail, convicting him for creating and utilizing slush funds value 9 billion gained ($6.29 million) with digital belongings.
The courtroom dismissed the suspect’s attraction and upheld the unique judgment. It additionally denied one other attraction from the CEO of Arowana Tech, a cryptocurrency administration firm going through comparable costs. This case stems from a problem from about three years in the past when Kim’s son and one other govt from a Hancom Group affiliate allegedly labored collectively and offered roughly 14.571 million Arowana tokens by an area crypto marketing consultant.
Learn additionally : Hancom Chairman Faces Crypto Fraud Probe in South Korea
The unique allegation states the suspects transferred about 8.03 billion gained ($5.6 million) value of Ethereum and Bitcoin to the chairman’s son’s crypto pockets. The courtroom sentenced the suspect to a few years in jail on costs of breach of belief beneath the Particular Financial Crime Aggravated Punishment Act.
Chairman’s Son Jailed
Authorities arrested Kim’s son final December and detained him till March of this yr. The chairman’s son obtained bail so he may attend trial with out detention. Nonetheless, he returned to jail after the courtroom upheld its preliminary ruling.
Within the authentic judgment, the courtroom mentioned the Hancom Group chairman’s son and the CEO of a subsidiary firm used the general public’s curiosity in digital foreign money to draw funding. The courtroom thought of their actions a severe crime and a social evil that deserved strict punishment.
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