South Korean prosecutor charges 6 suspects in $7.9 million cryptocurrency fraud case

Odaily Planet Daily reported that South Korean prosecutors have charged six suspects, including a practicing lawyer, in a $7.9 million cryptocurrency fraud case. The Seoul Northern Region Prosecutor's Office has charged six individuals with issuing and selling "fraudulent tokens" between May and August 2022. The prosecutor claimed that the gang fraudulently obtained funds from 1036 investors by promoting its fraud scheme on YouTube and other platforms. The gang will be tried for organizing criminal organizations and fraud. All six suspects have been released and are awaiting trial dates. The prosecutor has not yet disclosed the name of the cryptocurrency involved. But the group claimed to have "launched the token on overseas cryptocurrency exchanges, which have looser listing requirements than domestic platforms," and subsequently promoted it on social media. （KBC News）