A group that embezzled more than 10 billion won using virtual assets (coins) has been put on trial. A lawyer was also involved in the crime.
The Seoul Northern District Prosecutors' Office Criminal Division 1 (Director General Lim Yoo-kyung) announced on the 9th that they have arrested and indicted six individuals, including the leader of the crime organization, on charges of organizing a criminal group and fraud, while six others, including a lawyer, have been indicted without detention.
From May to August 2022, they issued and sold virtual assets colloquially known as 'scam coins,' embezzling 11.6 billion won from 1,036 investors. After listing the 'scam coins' on overseas virtual asset exchanges, which have less stringent listing requirements, they promoted it in group chat rooms called 'leading rooms' as if it would soon be listed on large domestic exchanges.
According to the prosecution's investigation, they never intended to conduct a legitimate virtual asset business from the beginning. The profits obtained from selling virtual assets through false advertising were immediately laundered into cash through a front gift certificate company. The group used this money to purchase luxury cars or for entertainment.
A lawyer who posed as a 'coin expert' on YouTube was also involved in the crime. He was confirmed to have led the laundering of the proceeds from coin sales and was also involved in the preparation of false contracts in anticipation of future investigations.
After receiving the 'loan fraud disguised as small payment scams' case from the police in November 2023, the prosecution expanded their investigation through account tracing and searches, uncovering the existence of a coin fraud criminal organization. To recover the crime proceeds, they took preservation measures against expensive foreign cars and cash.