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Trial of ‘Art-themed Altcoin Fraudster’ Underway in South Korea
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The trial of a suspected crypto fraudster who allegedly told victims they were investing in an art-themed altcoin and NFTs has begun at court in Gwangju, South Korea.
According to Munhwa Ilbo, prosecutors say an individual surnamed Tak, aged 44, “defrauded” 13 “victims” out of approximately $2.1 million.
The court also heard that Tak “received and stole $318,000” from investors who backed the alleged fraudster to “buy a [crypto] trading firm.”
Prosecution officials said Tak also raised money by claiming to make “proxy investments in Ethereum (ETH).”
Investigators claimed Tak posed as a “competent [crypto] investor who had earned a large amount of money by trading coins.”
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