South Korean crypto CEO sentenced to 7 years for $2.2M NFT fraud

The CEO of a cryptocurrency firm has been sentenced to seven years in prison for defrauding investors in an NFT project that used a former national soccer player for promotion, Yonhap News reported. The executive was convicted of deceiving approximately 30 investors out of over 3 billion won (about $2.2 million) by falsely claiming the project's token would be listed on a major South Korean exchange.