- The courtroom has dismissed the attraction of the Hancom Group chairman's son in a digital foreign money fraud case.
- The courtroom sentenced the chairman's son to 3 years in jail.
- The suspect allegedly created and used a slush fund value $6.29 million.
A South Korean courtroom has rejected the attraction of the son of Hancom Group's chairman, upholding his jail sentence for making a slush fund utilizing digital foreign money. Particularly, the courtroom discovered Kim's son responsible of making and utilizing a slush fund value 9 billion gained ($6.29 million) utilizing crypto property, and sentenced him to jail.
The courtroom rejected the suspect's attraction and upheld the unique judgment. It additionally dismissed one other attraction by the CEO of cryptocurrency administration firm Arowana Tech, who was going through comparable fees. The incident stems from a difficulty about three years in the past during which Kim's son and one other govt of a Hancom Group affiliate allegedly labored collectively to promote roughly 14,571,000 Arowana tokens via a neighborhood cryptocurrency advisor. is emitting.
Additionally learn: Hancom chairman faces South Korean cryptocurrency fraud investigation
The unique fees allege that the suspects transferred roughly 8.03 billion gained ($5.6 million) value of Ethereum and Bitcoin to the cryptocurrency pockets of the chairman's son. The courtroom sentenced the suspect to 3 years in jail for breach of belief primarily based on the Act on Aggravated Punishment of Specified Financial Crimes.
Chairman's son imprisoned
Authorities arrested Kim's son in December final yr and held him in custody till March this yr. The chairman's son was granted bail, permitting him to attend courtroom with out being detained. Nevertheless, the courtroom upheld the unique sentence and he returned to jail.
Within the authentic judgment, the courtroom discovered that the son of the chairman of Hancom Group and the CEO of the subsidiary took benefit of public curiosity in digital currencies to draw funding. The courtroom deemed their actions to be critical crimes and social evils worthy of extreme punishment.
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