S Korean Prosecutors Want to Jail $651m ‘Crypto Scammers’ for 12-15 Years
South Korean prosecutors say they hope to jail executives thought to be behind a $651 million crypto scam to prison for up to 15 years. Per the media outlet Asia Kyungjae, the alleged scam saw 8,000 people left out of po...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Per the media outlet Asia Kyungjae, the alleged scam saw 8,000 people left out of pocket.
The scammers allegedly offered individuals “payouts” if they paid their utilities bills using cryptoassets via a dedicated platform named OnNetworks....
Read More: S Korean Prosecutors Want to Jail $651m ‘Crypto Scammers’ for 12-15 Years
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptonewsRelated market context
Wall Street finally turned staking into a dividend, now Ethereum and Solana want to shrink it
Grayscale's July 17 SEC filings said its Ethereum and Solana staking ETFs would convert staking rewards to cash and distribute the...
South Korea Ends 1M Won Crypto Travel Rule Limit in Major AML Crackdown
Key Takeaways: The Travel Rule will be adopted by South Korea for all transfers between registered VASPs. Amidst AML controls, ove...
Citi CEO Wants ‘Good’ Crypto Clarity Act To Get Passed
Bitcoin Magazine Citi CEO Wants ‘Good’ Crypto Clarity Act To Get Passed Citigroup CEO Jane Fraser has said that while some improve...
Kbank, not Jeonbuk Bank, is leading South Korea’s Ripple Payments push
Kbank's Ripple partnership could accelerate blockchain adoption in South Korea's banking sector, challenging traditional payment s...
Dutch prosecutors sell seized crypto from bankrupt broker Knaken, but customers may never be made whole
Knaken's collapse highlights the urgent need for stronger regulatory protections for crypto customers, as current frameworks leave...
DeFiLlama exposes scam app by deliberately letting it drain a wallet
DeFiLlama's sting operation highlights the need for more proactive app store oversight, emphasizing user vigilance in verifying ap...