Jong-hwan Lee, CEO of a South Korean crypto asset management firm, has been sentenced to three years in prison for manipulating cryptocurrency prices, marking the first enforcement under the country's new Virtual Asset User Protection Act. The Seoul Southern District Court found Lee guilty of using an automated trading program to inflate trading volumes and conduct wash trades in the ACE cryptocurrency, earning approximately 7.1 billion won ($4.88 million). In addition to the prison term, Lee faces a 500 million won fine and the forfeiture of 846 million won in criminal proceeds. The court also sentenced Min-cheol Kang, a former employee involved in the scheme, to two years in prison with three years of probation. While the court confirmed their involvement in manipulating ACE, it partially acquitted them of the exact profit amount due to insufficient evidence. This case highlights South Korea's efforts to curb crypto market abuse under the new law, which took effect in July 2024.
South Korea Sentences Crypto CEO in Landmark Virtual Asset Law Case
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