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South Korean prosecutors have sought a nine-year prison term for Hancom Chairman Kim Sang-cheol over allegations that he created a roughly 9 billion won crypto slush fund, Yonhap News Agency reported.
At a closing hearing held by the Seongnam branch of the Suwon District Court, prosecutors asked the court to sentence Kim to nine years in prison on charges including breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. Kim is accused of transferring Bitcoin and other assets worth about 9.6 billion won that were raised through the sale of Arowana Token, a cryptocurrency issued by Arowana Tech, which had received investment from a Hancom affiliate, under his second son’s name. Prosecutors believe the funds were used for private purposes.