The Coinup Bitcoin Exchange CEO was sentenced to 16 years in prison

The Coinup Bitcoin Exchange CEO was sentenced to 16 years in prison

Exchange
November 12, 2019 by cryptorolling.com
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The head of the South Korean cryptocurrency exchange Coinup, whose name is kept confidential, was sentenced to 16 years in prison on fraud charges. His accomplices received 6 to 11 years in prison, reports The News Asia.
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The attackers were accused of organizing a cryptocurrency pyramid and the so-called “dump and dump” scheme. They claimed that investors would receive 200% of their profits within 4-10 weeks.

To convince investors, Coinup executives also created a magazine where they posted a fabricated photo of the CEO of the stock exchange with South Korean President Mun-Jaein.

The plan was in effect from August 2018 to February 2019. It helped criminals to attract more than 450 billion won (over $386 million).

The court found the majority of those involved in the fraud guilty. Another Coinup executive was sentenced to 11 years in prison, and the company’s vice president to 7 years in prison.

Recall that in the summer, the founder of the BitFunder stock exchange and the WeExchange platform, John Montroll, was sentenced to 14 months in prison on fraud charges.

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