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30 May 2024
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South Korean Officials Face Trial For Bribery in Crypto Fraud Case

South Korean Officials Face Trial For Bribery in Crypto Fraud Case

  • Two police officials have been accused and are facing trial with crypto scammers.
  • The fraudster accused of altcoin scam and running fake crypto projects.

Two police officers in South Korea are facing trial over an alleged bribery case involving a high-profile crypto fraud case. It involves an alleged crypto fraudster surnamed Tak. 

Tak was accused of orchestrating an art-themed altcoin scam and for running a fake Ethereum and NFT-related project convincing people to invest in a bogus crypto-related firm that deceived 13 victims for around $2.1 million worth of crypto and fiat. 

As investigations began, Tak employed a legal intermediary named Seong, seemingly offering $7,300 in cash bribes to a superintendent police officer to guarantee a promotion for a police lieutenant post from the same precinct. 

The local newspaper Namdo Ilbo reported on May 14 that the Gwangju District Court’s Criminal Division began the trial of a 59-year-old superintendent police officer and a 57-year-old police lieutenant from the same station. 

Both officers were suspended from their posts for the duration of the trial . Also, more police officers are expected to face the trial as part of the widening investigation of the crypto fraud case.

Seong seemed to have created a strong connection within the local police force, as well as the Gwangju and Mokpo prosecution services. The case grew so complex that the prosecution indicted 18 individuals. That includes former and current police officials and prosecutors, as well as another broker. 

Rising Crypto Fraud Cases

A recent study conducted in Korea University sheds light on the South Korean crypto scams targeting women through social media. The study revealed that these scams heavily rely on cryptocurrencies and fake coins.

As a result, South Korean law enforcement agencies have established departments to resist crypto scams. That aimed to identify and apprehend scammers operating within the cryptocurrency space.

The Supreme Court of South Korea handed down a 10-year prison sentence to a cryptocurrency fraudster for his involvement in a scam linked to the fake crypto company QRC Bank, which gathered $153 million.

A man was apprehended in Incheon, Gyeonggi Province, for stealing cash during an in-person over-the-counter (OTC) cryptocurrency transaction. 

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