The Seoul Southern District Court in South Korea has made a first instance judgment on a fraud case involving the application of the Virtual Asset User Protection Act, sentencing Park, who planned the Meme Coin Rug Pull scam, to 4 years in prison, and two accomplices to 2 years and 6 months in prison, 3 years in prison, and 5 years probation. The defendant issued Meme coins through Pump.fun and spread false information, causing the coin price to rise by about 1001 times within 26 hours, attracting about 6000 investors to buy and sell for cash. The gang invested about 10 million Korean won in costs and illegally profited about 400 million Korean won.