Four individuals, including the issuer of Queenbee Coin, who defrauded approximately 15 billion KRW from coin investors by issuing scam coins and manipulating prices with false information, have been brought to trial. This follows the prior indictment and detention of four related parties, including the developer of Queenbee Coin.
On the 29th, the Seoul Southern District Prosecutors' Office Virtual Asset Crime Joint Investigation Team (led by Chief Prosecutor Park Geon-wook) announced that they had indicted Mr. A (60), a scam coin specialist known as 'Simjeonmu,' without detention on charges of fraud for colluding with the issuer of Queenbee Coin to defraud coin investors of approximately 15 billion KRW through false advertising and price manipulation. In total, five people, including marketing executives of the Simjeonmu organization, were indicted. As a result, eight key figures and participants of the Simjeonmu organization have been brought to trial, four of whom are in detention.
According to the prosecution, between January and April 2021, these individuals purchased all coins and the foundation from the Queenbee Coin issuing foundation operator and, pretending to intend to continue the Queenbee Coin business, sold 1.2 billion Queenbee Coins through false advertising and price manipulation, defrauding approximately 15 billion KRW. The number of victims is estimated to be around 9,000.
A representative from the Seoul Southern District Prosecutors' Office stated, "While investigating fraud charges against the Queenbee Coin issuing foundation, we detected circumstances indicating that Queenbee Coin was disposed of through the Simjeonmu organization. Through swift compulsory investigations of key executives, we secured suspects and related evidence, thereby uncovering the full extent of the Simjeonmu organization."
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