South Korean prosecutor's office asks court for 7 years in jail and fines 1 billion won for fraud

The South Korean prosecutor's office demanded that the court impose a 7-year prison sentence and a fine of 1 billion won on the UpBit high-ranking Song on the grounds of fraud. It is reported that Song and his gang were suspected of creating a fake ID at UpBit in September-November 2017 and depositing 122.1 billion won of assets into the ID for false transactions, thereby inducing actual members to conduct transactions. The prosecution stated: "Although the defendant only provided the asking price to enable members to conduct more transactions, the exchange obtained a huge gain in this way."