Officials related to Queenbee Coin, who raised scam coins by promoting the investment participation of a famous celebrity and defrauded about 13,000 people of 30 billion won through false advertising and market manipulation, have been indicted while in custody.
On the 19th, the Seoul Southern District Prosecutors' Office Virtual Asset Crime Joint Investigation Team (Chief Park Geon-wook) announced that as a result of investigating the 'Queenbee Coin (QBZ)' case, which was also referred to by the name of a famous celebrity A, four issuers and sellers of Queenbee Coin who listed scam coins by submitting false documents despite having no intention or ability to conduct the coin business were indicted on charges including fraud.
The prosecution pointed out that the Queenbee Coin case was a 'comprehensive scam coin fraud' involving ▲issuing coins with only the appearance of a business by promoting the investment participation of a famous celebrity ▲submitting false and forged documents and mobilizing coin brokers to list on exchanges ▲selling coins through market manipulation and false promotional articles ▲selling coins through multi-level marketing operators ▲disposing of coins and overseas issuing foundations in bulk to specialized scam coin handlers, followed by coin sales by those operators, resulting in a total defrauding of approximately 30 billion won.
According to the prosecution, they obstructed the exchange's operations by submitting false 'coin distribution status' documents to the exchange to conceal their market manipulation plans during the listing process. It was also revealed that the issuer embezzled 5.6 billion won from the proceeds of Queenbee Coin sales and used the funds to acquire stocks and assets under borrowed names. The prosecution has taken measures to recover the criminal proceeds (seizure and confiscation requests).
A representative of the joint investigation team stated, "We will continue to strictly punish criminal groups that disrupt the order of the virtual asset market and cause harm to many ordinary citizens, and in line with the enforcement of the Virtual Asset User Protection Act, we will more thoroughly respond to unfair trading practices in virtual assets."
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