{"id":89675,"date":"2024-02-07T21:57:40","date_gmt":"2024-02-08T02:57:40","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89675"},"modified":"2024-02-07T21:57:41","modified_gmt":"2024-02-08T02:57:41","slug":"south-korean-altcoin-execs-released-on-bail","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89675","title":{"rendered":"South Korean Altcoin Execs Released on Bail"},"content":{"rendered":"
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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.<\/p>\n

Per Newsis, the Seoul Southern District Court released Pica Project\/Pica Coin co-chairs Song (aged 24) and Seong (aged 45). The duo\u2019s given names were withheld for legal reasons.<\/p>\n

Altcoin Execs \u2018Pose Flight Risk,\u2019 Prosecutors Claim<\/h2>\n

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Song and Seong were denied bail after their arrests on July 21, and have spent the past six months in pre-trial detention centers.<\/p>\n

The prosecution told the court that the case was serious, \u201cso there is a risk of flight.\u201d They also told the court:<\/p>\n

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\u201cEmployees of the company run by the defendants and their acquaintances are scheduled to appear in court as witnesses.\u201d<\/p>\n<\/blockquote>\n

Prosecutors said that Song and Seong could potentially seek to contact these witnesses before the trial and convince them to testify in their defense.<\/p>\n

However, the court rejected these appeals in favor of the defense lawyers\u2019 assertion that refusing to grant bail could harm the defendants\u2019 efforts to prepare for the trial.<\/p>\n

Upbit, the nation\u2019s biggest crypto exchange by trading volume, delisted the coin in 2021. The firm behind the coin appealed the decision.<\/p>\n

The Seoul Southern District Court. (Source: KBS Docu\/YouTube)<\/figcaption><\/figure>\n

South Korean Crypto Crime on the Rise?<\/h2>\n

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The prosecution thinks the duo operated a scheme with a pair of famous stock traders.<\/p>\n

Between them, prosecutors believe, the group raised around $25.5 million from investors by \u201cfalsely promoting the performance\u201d of the altcoin.<\/p>\n

This artificially \u201craised the price of the cryptoasset,\u201d prosecution officials said. And when the price climbed high enough, prosecutors said, the quartet \u201csold their coins.\u201d<\/p>\n

The Pica Coin project is based \u2013 its masterminds claim \u2013 on the concept of \u201cjointly owning expensive and famous works of art.\u201d Prosecutors doubt the veracity of these claims.<\/p>\n

South Korean courts are becoming increasingly busy with crypto-related cases. Many of these pertain to little-known altcoins and bogus exchanges.<\/p>\n

Earlier this month, two crypto exchange executives were jailed on altcoin price manipulation charges.<\/p>\n

And a report claimed that South Korean public spaces are now \u201cpolluted\u201d with crypto-powered drugs left by narcotics dealers.<\/p>\n

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Seoul shares snap 2-day losing streak on foreign buying#Kospi<\/a> #Kosdaq<\/a> #stocks<\/a> #updates<\/a>https:\/\/t.co\/pR3Y0bwNzb<\/p>\n

\u2014 The Korea Herald \ucf54\ub9ac\uc544\ud5e4\ub7f4\ub4dc (@TheKoreaHerald) February 7, 2024<\/a><\/p>\n<\/blockquote>\n

Police say that buyers pay dealers in crypto. The latter then leave bags of drugs hidden in water meters, elementary school playgrounds, apartment mailboxes, and drainpipes.<\/p>\n<\/p><\/div>\n