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A criminal organization involved in fraud through methods such as manipulating virtual asset (cryptocurrency) prices has been brought to trial. It is reported that a lawyer is among those indicted.

According to the industry on the 10th, the Seoul Northern District Prosecutors' Office Criminal Division 1 (Chief Prosecutor Lim Yoo-kyung) indicted 12 people, including the ringleader A (37), on charges of organizing a criminal group and fraud on the 7th. Among them, 6 have been brought to trial in custody.

They are accused of plotting virtual asset fraud by dividing roles into a ringleader, coin issuance team, coin sales team, and money laundering team, and swindling 11.6 billion KRW from 1,036 victims over about three months from May 2022 through methods such as price manipulation.

The investigation revealed that they issued scam coins and manipulated prices after listing them on overseas exchanges. Additionally, they deceived investors by operating leading rooms and publishing false white papers to sell virtual assets.

During the process, they imposed a so-called 'lock-up' period of 90 days to prevent victims from trading, resulting in significant damage to investors.

Meanwhile, the prosecution confirmed that lawyer B (45), who posed as a coin expert on YouTube, played a leading role in the criminal group by recruiting a money laundering member among the clients and leading the laundering of approximately 10 billion KRW in coin sales funds, as well as being involved in drafting false contracts to prepare for future investigations.