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A South Korean court sentenced a man in his 20s to two years in prison for defrauding acquaintances by promising to more than double their principal through crypto investments, Yonhap News TV reported.
The Cheongju District Court found that the defendant, identified only as A, took more than 310 million won ($217,000) from eight acquaintances in 313 transactions between December 2022 and December 2025. Investigators said A misled the victims by claiming they could earn more than double their money by investing in cryptocurrencies. The court said the defendant exploited personal relationships over an extended period and also took money from some victims who had borrowed funds, while taking into account the lack of any prior criminal record and the defendant’s age in setting the sentence.