The head of the Korea Exchange Coinup was sentenced to 16 years in prison and 8 other executives were sentenced

A South Korean court has sentenced 16 years in prison to the head of the cryptocurrency exchange Coinup, after having been convicted of fraud. The other eight executives of the exchange were also sentenced to jail, and one of the vice presidents was sentenced to 11 years in prison.
The Seoul court ruled that the exchange’s CEO, Kang Seok-jung, had deceived hundreds of investors in the most daring cryptocurrency-related fraud scheme in Korean history, totaling more than $386 million. It is reported that Coinup used a large number of forged pictures for false publicity, including the use of synthetic technology to make a photo of Kang himself and South Korean President Wen Zai.