CandleFocus South Korean Court Upholds Hancom Crypto Scandal Verdict
2024-12-11
Author: Content Editor
A South Korean court has rejected the appeal of the son of the chairman of Hancom Group, upholding his prison sentence for creating slush funds with cryptocurrency. The court had sentenced the son for creating and using slush funds worth $6.29 million with virtual assets. The court also dismissed the appeal of the CEO of Arowana Tech, a cryptocurrency management company facing similar charges. The case revolves around the son and another executive allegedly working together to sell Arowana tokens through a local crypto consultant. The suspects reportedly transferred millions of dollars' worth of Ethereum and Bitcoin to the son's crypto wallet. The original judgment considered their actions a serious crime that deserved strict punishment. The son had been arrested last December and was released on bail to attend trial, but he returned to prison after the court upheld its ruling.
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