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South Korean prosecutors have sought a 12-year prison term for the de facto operator of Queen Bee Company, the issuer of Queen Bee Coin, in a roughly 30 billion won ($21.5 million) fraud case, Digital Asset reported.
At a closing hearing in the QBZ, or Queen Bee Coin, fraud case held at the 11th Criminal Division of the Seoul Southern District Court on Oct. 1, prosecutors asked for a 12-year sentence and forfeiture of 1.5 billion won for the operator, identified only by the surname Lee. Prosecutors also sought seven years for the company’s CEO, identified only as A, and nine years for Noh, former head of wallet service provider Hexlant. The defendants were indicted in July 2024 on fraud charges alleging they issued and listed the coin with no intent or ability to pursue coin-linked businesses, then distributed false promotional articles to swindle investors out of 30 billion won.