A man in South Korea operated a fake securities platform and was sentenced to 8 years in prison for laundering 2.9 million dollars using Crypto Assets.

On November 26, a South Korean court sentenced a man to prison for creating a fake securities trading platform and laundering his illegal earnings of $4.2 million through Crypto Assets. According to the Hankook Ilbo, the operator of this fake platform copied the trademark and data of a “well-known” securities company in an attempt to make the eyegash look more real. The case was tried in the Gwangju District Court's criminal division, where presiding judge Kim Young-kyu noted that the platform defrauded a total of 116 victims. Judge Kim ultimately sentenced the man to 8 years in prison. During the court hearing, it was pointed out that his accomplice, about 41 years old, helped him convert the investors' $2.9 million into Crypto Assets multiple times through company accounts and private Wallets to complete the money laundering process. This case highlights the surge in criminal activities within the Crypto industry. According to FBI data, reported losses from Crypto investment scams exceeded $5.8 billion in 2024. According to DefiLlama, cybercriminals stole more than $2.4 billion through hacking and vulnerabilities in 2025, double that of 2024. In addition, so-called Pig-butchering scams stole $4 billion in 2024, with Chainalysis data showing that related cases are on the rise.