A South Korean court has sentenced three members of a crypto scam ring that defrauded hundreds of people of 600 million won.
Crypto Fraud Uncovered
The South Korean court has sentenced three individuals to prison in a multi-million dollar crypto scam case. The scheme's mastermind, identified as Mr. A, promised investors high returns of 30% monthly. The court found that the three individuals breached regulations, leading to the fraud. The mastermind received a four-and-a-half-year prison term, while his accomplices were sentenced to three and a half years and two and a half years, respectively.
South Korea's Regulatory Response
In a bid to tackle illicit crypto activities, South Korea is taking decisive actions. On March 27th, 2025, Google PlayStore blocked downloads and updates for 17 centralized exchanges, including KuCoin and MEXC, at the request of South Korean authorities. This marks the second or third time the nation has blocked known offshore crypto exchanges.
Future of Crypto in South Korea
Despite these restrictions, cryptocurrency remains popular in South Korea, with about 32% of the population holding it as of March 2025. In 2021, the government planned to impose a 20% tax on crypto gains, but its implementation has been delayed until 2027. The delay in taxation has attracted new investors to digital assets.
South Korea continues to strongly regulate the crypto sector to safeguard its citizens from fraudulent schemes.
