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Three cryptocurrency fraudsters in South Korea sentenced for false investment promises.
According to Gate.io News bot, as reported by Cryptopolitan, the Busan District Court in South Korea has ruled against three Crypto Assets investment fraudsters. The three defendants engaged in illegal Crypto Assets investment activities in a building in Busan in June 2019, making false promises to investors of "selecting and trading approximately 1,000 high-quality Crypto Assets from around the world" and claiming to provide a 30% Return on Investment each month.
The defendants claimed to possess a proprietary trading algorithm that generates profits through market fluctuations. Upon investigation, it was found that the algorithm does not exist, and the fraudulent funds of $416,000 were used for personal consumption. The court sentenced the three individuals to imprisonment for violating the "Specific Economic Crimes Increased Penalty Law."