Head Of Legal Firm In South Korea Gasak Client Funds To Play Crypto

JAKARTA - A crypto investment scandal was revealed in Busan, South Korea, where a head of a law firm has been sentenced to prison for misusing client money for crypto investment.

On March 11, the Criminal Division of the Busan District Court sentenced an unnamed 50-year-old individual to 20 months in prison. Reporting from Cryptonews, the defendant was found guilty of theft of client funds amounting to US $ 170,000 (around Rp. 2.64 billion) on December 27, 2021, which should have been used for property transactions in trust contracts.

The prosecutor revealed that the defendant had transferred the funds from the company's account to his personal account for crypto investment purposes. However, the investment was fruitless, and the stolen funds could not be returned.

Judge Jeong Soon-yeol, who presided over the trial, stated that the losses incurred were quite large and emphasized the need for severe punishment considering that none of the stolen funds had been returned.

This case adds to the long list of crypto-related crimes in South Korea. Earlier, in December, Busan police arrested more than 80 suspects in a crypto fraud case. Meanwhile, in January, the same court sentenced a drug dealer who used crypto as a means of payment for seven years.