According to ChainCatcher, South Korean online anchor Xu was sentenced to 15 years in prison for crypto asset fraud. The Seoul Eastern District Court found that Xu defrauded investment funds by falsely recommending crypto assets issued by his company.
In addition, Xu was accused of embezzling more than 11 billion won and using company account funds to purchase virtual gifts on AfreecaTV. The court found that Xu had no intention of fulfilling his promise from the beginning and used the investment funds to repay personal debts.
