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South Korean prosecutor demands 15 years in prison for major shareholder of cryptocurrency trading company B&S Holdings

2025-01-23 05:48

According to Digital Asset, South Korean prosecutors are targeting quantitative trading company B& In the appeal case of S Holdings' major shareholder, it is requested to increase his sentence to 15 years. This person is currently sentenced to 10 years in prison for a cryptocurrency fraud case with a total amount of 6 billion Korean won (approximately 41.75 million US dollars). This major shareholder, surnamed Bang, was initially convicted in August 2024 of embezzling funds from digital asset management platform Haru Invest and blockchain trading system developer Traum Infotech. These improperly managed assets were initially entrusted to Traum Infotech for management by the virtual asset deposit platform Delio. Due to the inability to recover these funds, Haru Invest and Delio have had to suspend their clients' withdrawal services. Investigators found that Bang invested most of its client assets in the cryptocurrency exchange FTX. However, FTX declared bankruptcy in November 2022 due to poor management, resulting in these assets being frozen.

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