Crypto CEO gets prison in first conviction under new user protection law

The CEO of a cryptocurrency management firm has been sentenced to prison for manipulating market prices to secure over 7 billion won ($5.1 million) in illicit profits, Yonhap News reported. The Seoul Southern District Court sentenced the executive, identified only by his surname Lee, to three years in prison, a 500 million won ($362,000) fine, and the forfeiture of over 846 million won ($613,000). This case is the first conviction under South Korea's Virtual Asset User Protection Act, which took effect in July 2024. The matter was fast-tracked to prosecutors by the Financial Supervisory Service.