Crypto Pyramid Founders Fined in South Korea

April 20, 2018

Two citizens of South Korea have been convicted of creating a crypto pyramid and swindling investors to about $20 mln.

As the local agency Yonhap reports, Seoul's Incheon District Court has ordered to fine the two scheme initiators for $15 and $8 mln respectively. The scam is said to be launched in 2015 and has turned into a multi-level company since. The fraudsters enticed investors by promising high Bitcoin investment interest rate.

During the process the judge has claimed, similar schemes imply social economic risks and may inflict harm to many. The fines have been assessed basing on the alleged financial damage incurred to the scheme victims.

Remember that China’s police has arrested the founders of a crypto pyramid this week who caused damage of $13 million.

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