This post was originally published on Coinspeaker
Key NotesAuthorities said Lee minted a total of $4.8 million through token manipulation, while undermining fair price formation for the ACE token.South Korea is enforcing strict penalties as it moves toward stronger regulation of corporate participation in digital asset markets.On the other hand, South Korea’s FSS announced AI-driven upgrades to its VISTA surveillance system.
South Korean regulators are once again tightening their grip over the crypto market and the rising corporate involvement. A South Korean court has recently sentenced the CEO of a crypto asset management firm to a 3-year jail term for minting a total of $4.8 million by manipulating token prices.
South Korean Court Sentences Crypto Firm CEO Over Violations
Local news publication Hankyung recently reported that the Seoul Southern District Court has sentenced crypto executive Jong-hwan Lee on charges of violating the Virtual Asset User Protection Act.
Reportedly, the court has imposed a prison sentence on Lee, along with a fine of 500 million won. Besides, the court has also ordered Lee to forfeit roughly 846 million won in criminal proceeds.
Prosecutors said that between July 22 and Oct. 25, 2024, Lee had used an automated trading program to manipulate the price of the ACE cryptocurrency.
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