False Disclosure and Market Manipulation Techniques
A, the CEO of a coin issuing company accused of embezzling about 20 billion won from investors through market manipulation and other methods, has been arrested.
The Seoul Southern District Prosecutors' Office's Joint Investigation Team on Virtual Asset Crimes (Chief Prosecutor Lee Jeong-ryeol) announced on the 19th that A was arrested on charges of fraud and other offenses for embezzling approximately 21.6 billion won from coin investors through false disclosures and market manipulation.
Investigations revealed that from February 2021 to April 2022, A conspired with B, a professional market manipulator specializing in coins, to issue and list so-called "scam coins" with no real substance and carried out these crimes.
B was banned from leaving the country in December last year due to coin fraud charges and was caught attempting to flee to China illegally. The first trial is currently underway at the Haenam Branch of the Gwangju District Court.
A prosecutor stated, "We will continue to investigate B's involvement in A's crimes thoroughly and clarify all details."
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