Appeal hearing set for first case under South Korea's crypto act

The first appeal hearing for the inaugural case under South Korea's Virtual Asset User Protection Act is scheduled for next month, Newsdream reported. The hearing comes roughly three months after the initial verdict in February, in which two defendants, including the CEO of a virtual asset management firm, were convicted of market manipulation and received prison sentences and fines. The appeal is being pursued by both the prosecution and the defendants, signaling a contentious legal battle ahead. A key point of contention is expected to be whether prosecutors can successfully prove the approximately 7.1 billion won in illicit gains, a claim for which forfeiture was denied in the first trial. In the initial ruling, defendant A was sentenced to three years in prison, a 500 million won fine, and the forfeiture of about 840 million won. An accomplice, defendant B, received a two-year prison sentence, suspended for three years.