In an unfolding legal development, South Korean prosecutors are diligently striving to secure lengthy incarcerations, spanning from 12 to 15 years, for the masterminds believed to be orchestrating a colossal cryptocurrency deception amounting to $651 million.
As per Asia Kyungjae, around 8,000 people have suffered financial losses and disappointment due to this alleged scam. The wrongdoers reportedly attracted victims by promising significant rewards in exchange for using cryptoassets to pay their bills through a special platform called OnNetworks.
Unfortunately, the promises were broken, leaving investors in a dire financial situation as the platform held onto their invested funds.
The trial is taking place in the Seoul Southern District Court. The legal authorities are actively pursuing a 15-year prison sentence for OnNetworks’ CEO, Mr. Park. Additionally, they are seeking a 5-year confinement for another high-ranking executive, Mr. Kim, from the same company.
South Korean Crypto Fraudsters Request for Additional Time to Address Their Victims’ Concerns
In addition, the alleged ‘Crypto Scammers’ are asking for more time in court. The trial unveiled that they initiated the OnNetworks platform in 2021 and kept recruiting members until February the next year.
Potential victims were drawn in by the pledge of gains from 4 to 9 percent on their financial activities through the platform.
An intense moment occurred in the courtroom when around 10 people, who said they were fraud victims, passionately called for justice against the main culprit, Park, and his associates.
Expressing remorse and seeking clemency, Park addressed the court, asserting,
“I ask for forgiveness from the victims and ask that the court waits two months. I am confident that I can restore the damages to the people here.”
On the other hand, Yeom accepted some moral responsibility due to his corporate role. However, he strongly distanced himself from the wrongdoing, stating that the extent of the misdeeds was beyond his professional domain.
Reacting strongly to the rising crypto-related crimes, the Seoul Southern District Prosecutors’ Office teamed up with other investigative units. They established a dedicated task force aimed at tackling cryptocurrency wrongdoing.
The task force consists of 30 investigators. They come from different departments like the prosecutorial division, Financial Supervisory Service, National Tax Service, and customs bureau.
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