‘Art-themed Altcoin Fraudster’ Trial Begins in South Korea

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By BitcoinWiki News

Key Takeaways:

– The trial of a suspected crypto fraudster has begun in South Korea
– The fraudster allegedly defrauded 13 victims out of $2.1 million
– The fraudster posed as a competent crypto investor
– Emart, South Korea’s largest retailer, may offer trading functions with crypto and security tokens at its ATMs
– The fraudster told investors they would get high returns from investing in unlisted stocks and altcoins linked to NFT artworks
– The fraudster allegedly paid a broker to end the investigation
– The court is set to reconvene on January 8
– South Korea’s top financial regulator ruled that most NFTs are not subject to crypto-related laws and regulations
– Lawmakers are creating legislation to differentiate CBDCs and other assets from fungible cryptoassets like BTC.


Summary:

1. Allegations against Tak:
– Tak is accused of defrauding 13 victims out of $2.1 million by promising high returns and guaranteed stake returns through investments in unlisted stocks and altcoins linked to NFT artworks.
– He also allegedly received and stole $318,000 from investors for the purchase of a crypto trading firm and claimed to make proxy investments in Ethereum.

2. Attempt to stop investigation:
– Tak is accused of attempting to obstruct the investigation by contacting a legal broker and paying over $830,000 to stop the investigation. Tak denied claims and pleaded for clemency, stating it was a normal transaction and he repaid some of the damages to the victims.

3. Legal proceedings and regulatory developments:
– The court is set to reconvene on January 8 for further proceedings.
– South Korea’s top financial regulator ruled that most NFTs are not subject to crypto-related laws and regulations.
– Lawmakers are working on legislation to differentiate CBDCs and other assets from fungible cryptoassets like Bitcoin.

4. Emart’s next-gen ATMs:
– Emart, South Korea’s largest retailer, is planning new next-generation ATMs that could offer trading functions with crypto and security tokens.

The trial of Tak, the suspected crypto fraudster, has begun in Gwangju, South Korea, with allegations of fraud and attempts to obstruct the investigation. The court is set to reconvene in January, and regulatory developments related to NFTs and crypto assets are ongoing in South Korea. Emart’s plans to introduce next-gen ATMs with crypto trading functions are also a notable development.

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