Court denies Hancom Group chairman’s son’s crypto fraud case appeal.
The court sentenced the chairman’s son to three years in prison.
The suspect allegedly created and used slush funds worth $6.29 million.
A South Korean court denied the appeal of the Hancom Group chairman’s son, upholding his prison sentence for creating slush funds using crypto. Specifically, the court had sentenced Kim’s son to prison, convicting him for creating and using slush funds worth 9 billion won ($6.29 million) with virtual assets.
The court dismissed the suspect’s appeal and upheld the original judgment. It also denied another appeal from the CEO of Arowana Tech, a cryptocurrency management company facing similar charges. This case stems from an issue from about three years ago when Kim’s son and another executive from a Hancom Group affiliate allegedly worked together and sold roughly 14.571 million Arowana tokens through a local crypto consultant.
Read also : Hancom Chairman Faces Crypto Fraud Probe in South Korea
The original allegation states the suspects transferred about 8.03 billion won ($5.6 million) worth of Ethereum and Bitcoin to the chairman’s son’s …
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