- Two South Korean altcoin executives were freed on bail on February 7 pending a fraud trial
- Prosecutors think the executives manipulated token prices to defraud investors
- Song and Seong were denied bail after their arrests on July 21, and have spent the past six months in pre-trial detention centers
- Upbit, the nation’s biggest crypto exchange by trading volume, delisted the coin in 2021
- The prosecution thinks the duo operated a scheme with a pair of famous stock traders
- Pica Coin project is based on the concept of “jointly owning expensive and famous works of art”
- South Korean courts are becoming increasingly busy with crypto-related cases
- South Korean public spaces are now “polluted” with crypto-powered drugs left by narcotics dealers
Summary of South Korean Altcoin Executives’ Fraud Trial
Two South Korean altcoin executives were released on bail pending a fraud trial. They are accused of manipulating token prices to defraud investors. The executives had been denied bail after their initial arrests in July and had been in pre-trial detention for six months.
The prosecution argued that the executives posed a flight risk and could potentially interfere with witnesses. They believe the executives, along with famous stock traders, raised around $25.5 million from investors by falsely promoting the performance of the altcoin and then selling their coins when the price rose.
The Pica Coin Project
The Pica Coin project, which claimed to be based on the concept of jointly owning expensive and famous works of art, was delisted by Upbit, South Korea’s largest crypto exchange, in 2021. Prosecutors have doubts about the veracity of the claims made by the project.
Rise in Crypto-Related Crimes
The case is one of many involving crypto-related crimes in South Korea. Other cases include altcoin price manipulation charges against crypto exchange executives and reports of crypto-powered drugs being left by narcotics dealers in public spaces.
The executives were granted bail despite the prosecution’s concerns, with the court citing the harm to the defendants’ trial preparations if bail was not granted. The case highlights the increasing prevalence of crypto-related crimes in South Korea.
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