In a landmark ruling for the South Korean cryptocurrency sector, Lee Jonghwan, CEO of a local crypto firm, has been sentenced to three years in prison for his role in manipulating the prices of ACE Coin. This case highlights the increasing scrutiny and regulatory measures being implemented in the rapidly evolving digital asset landscape, as the source reports that authorities are taking a firmer stance against market manipulation.
Court Ruling on Price Manipulation
On February 4, 2024, the court found Lee guilty of engaging in price manipulation by repeatedly buying and selling ACE Coin at artificially inflated prices. In addition to his prison sentence, he was fined 500 million won, along with an additional penalty of 84,656 million won for breaching the Virtual Asset User Protection Act.
Significance of the Ruling
This ruling is significant as it marks the first conviction under the newly enacted legislation aimed at safeguarding investors in the cryptocurrency market. The case underscores the South Korean government's commitment to enforcing regulations and ensuring a fair trading environment in the burgeoning crypto industry.
Recent revelations have uncovered Jeffrey Epstein's connections to the cryptocurrency landscape, contrasting with the recent sentencing of a South Korean CEO for price manipulation. For more details, see Epstein's involvement.
