Cryptocurrency News Today: This cryptocurrency exchange was actually a $384 million Ponzi scheme
Mr. Kang-mo, alongside a raft of his executives, were found to have deceived thousands of CoinUp customers by promising returns of up to 200 percent on Cryptocurrency investments, just 4-to-10 weeks after purchase.
A judge also sentenced the firm’s chief financial officers, Mr. Kwon and Mr. Shinmo, to 11 years in prison. CoinUp’s “governor” Mr. Yunmo was given 7 years imprisonment, alongside his mother-in-law.
Several other executives were reportedly sentenced to between six and nine years in prison.
CoinUp promised crypto prices would increase after listing
The investments CoinUp execs shilled had little-to-no chance of increasing in value. Local outlet TVCC reported that CoinUp execs would convince their victims to invest by promising to list the coins in the near future.
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