TechFlow reported that Xu, a network anchor and the core figure of the "Africa TV Coin Gate" incident in South Korea, was sentenced to heavy punishment for fraud. On the afternoon of August 30, the Criminal Division 11 of the Seoul Eastern District Court (Chief Judge Jiang Minhao) sentenced Xu, who was detained and prosecuted, to 15 years in prison for violating the "Specific Economic Crime Aggravated Punishment Act" (fraud) and other crimes. The court found that Xu recommended to the victims to invest in virtual assets (tokens) or businesses issued by his company, defrauding investment funds. In addition, he is also suspected of embezzling company account funds to purchase "star" virtual gifts.
The court said Xu defrauded a total of 120 victims of more than 11 billion won.
It is worth noting that two YouTubers were detained and prosecuted on the 14th on charges of extortion for accepting funds from Xu to prevent related reports.
