A South Korean court has sentenced a man to eight years in prison for setting up a fake securities trading platform and laundering $4.2 million in proceeds of crime using cryptocurrency. The fake platform used the logo and other data of a "well-known" securities firm in an attempt to create a false impression of authenticity. The case was heard by the Gwangju District Court's Criminal Division, with Judge Kim Young-gyu learning that the platform operator defrauded 116 victims of $4.2 million. Judge Kim stated that money laundering was a key element of the criminal scheme, and the defendant played a crucial and leading role in the process, bearing significant responsibility; the court deemed it deserving of severe punishment. The 43-year-old man was found guilty of violating South Korea's Internet Fraud Act. Three accomplices were also tried alongside him, receiving sentences ranging from two and a half to three years in prison for assisting the man in concealing proceeds of crime using undisclosed cryptocurrency. The court heard that the three accomplices, all 41 years old, assisted the man in converting $2.9 million worth of investor funds into crypto assets through a series of transactions involving corporate bank accounts and private wallets. (DLnews)