According to Digital Asset, the Goyang Branch of the Uijeongbu District Court in South Korea has sentenced individuals involved in a cryptocurrency investment fraud case involving approximately 501 million won (about US$375,000). The court found them guilty of violating the Virtual Asset User Protection Act and other laws, sentencing them to two years and six months in prison. This is the first time a South Korean court has confirmed a guilty verdict under this law in a case not referred by financial regulators. The fraud ring used a fake investment website to lure victims into purchasing non-existent, unlisted tokens, claiming high returns upon listing. They defrauded 14 victims. The first instance verdict was handed down in July of this year, and the appeal was rejected in October; the judgment is now in effect. https://wublock123.com/news/south-korea-convicts-crypto-scam-under-virtual-asset-user-protection-law-71905