Coin Company CEO Sentenced to 6 Years and 6 Months for NFT Fraud
By: www.tokenpost.kr|2026/07/24 08:56:36
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A CEO of a coin company, identified as A, who defrauded investors of over 3 billion won through a non-fungible token (NFT) business, has had his sentence reduced to 6 years and 6 months in an appeals court. On the 24th, the Incheon branch of the Seoul High Court overturned the initial 7-year prison sentence for A. The court deemed the crime serious due to the large scale of the damage and the fact that most victims had not forgiven him. However, considering that A acknowledged his wrongdoing and showed remorse, as well as having reached a settlement with one victim, the sentence was partially reduced. From March 2021 to July 2022, A operated a coin business, raising funds from over 30 investors, promoting that they could profit by purchasing at a low price before the listing, but in reality, the listing did not occur. Additionally, the name of former national soccer player B was used in the promotions, but B stated that he was not associated with the coin. The significant influence of celebrity images in the virtual asset market has been pointed out, and this is expected to be an important factor in future sentencing and victim recovery in investment fraud cases.
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