Prosecutors appeal ruling on $5.1M gains in first Virtual Asset Act case

South Korean prosecutors have appealed a court ruling that found it impossible to accurately calculate the illicit gains in the first case prosecuted under the country's Virtual Asset User Protection Act, Newsis reported. The defendants in the case are accused of securing illicit profits worth 7.1 billion won (around $5.1 million) by manipulating the price of a cryptocurrency, referred to as A Coin, between July and October 2024. They allegedly inflated trading volume and used wash trading to lure buyers. In the initial trial, the court did not accept the prosecution's claimed illicit gains of over 7.14 billion won, deeming the amount unquantifiable and thus partially acquitting the defendants. Prosecutors are now arguing that the lower court's decision was based on a misunderstanding of the law, a misinterpretation of the facts, and an inappropriate sentence.