Odaily Planet Daily reports: Today, a South Korean court delivered its first verdict under the Fraudulent Unfair Trading provisions of the Virtual Asset User Protection Act. The Seoul Southern District Court sentenced crypto influencer Park, who orchestrated a "rug pull" scam involving the meme coin, to four years in prison. Two accomplices received sentences of two years and six months, and three years with five years of probation, respectively.
Prosecutors stated that the defendants issued meme coins via Pump.fun and spread false bullish information on social media, such as "lock-ups," causing the coin price to surge approximately 1,001 times within 26 hours, attracting around 6,000 investors to purchase. They then sold off their holdings, netting an illegal profit of approximately 400 million Korean won with an initial crime cost of only about 10 million Korean won. (Edaily)