A South Korean court docket has jailed a trainer who stole cash from college students and their mother and father to “squander” on crypto purchases.
Per the South Korean media shops Jeju Sori and Newsis, the a department of the Jeju District Court docket, on the island province of Jeju, rejected an attraction from the trainer – unnamed and aged of their 30s.
South Korean Trainer Jailed for Two Years
The court docket ordered the trainer to serve two years in jail, after listening to they’d stolen 80 million received ($54,500) and spent many of the cash on unnamed cryptoassets.
The court docket heard that the trainer “embezzled” the cash from college students and their mother and father, in addition to “fraudulently promoting second-hand items” in an “on-line rip-off” value roughly 7 million received ($4,770).
The court docket dismissed the defendant’s attraction, noting that the decide within the trainer’s earlier trial had already “taken the defendant’s regret into consideration.”
The trainer’s authorized workforce had additionally argued that the defendant had “paid again” a part of the cash stolen from the scholars.
However the appellate court docket mentioned there was “no motive to take this into consideration in sentencing,” as the unique court docket verdict, in November final 12 months, had already carried out so.
South Korea’s Constitutional Court docket is now set to rule Monday on whether or not to uphold Prime Minister Han Duck-soo’s impeachment movement, whereas they proceed to deliberate on President Yoon Suk Yeol’s case https://t.co/Vvz5nfVIr9
— Bloomberg Politics (@bpolitics) March 20, 2025
Crypto Crime: On the Rise in Jeju?
The court docket heard that the defendant labored as a trainer at a highschool in Jeju, the place they started stealing cash in March final 12 months.
The prosecution defined that the trainer had found that a few of their college students had “monetary issues.”
The trainer then deceived the scholars by saying that they’d resolve these issues, taking funds from college students and their mother and father alike.
South Korea’s monetary regulator is ready to introduce crypto funding pointers for establishments, charities, and public companies by Q3 2025.#SouthKorea #CryptoInvestmentshttps://t.co/lyA9mweAK6
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Nonetheless, the defendant later didn’t return the cash they’d obtained, the court docket heard.
The court docket additional heard that the trainer additionally borrowed about $4,000 from “acquaintances and different folks.”
The trainer additionally didn’t pay again these loans, the prosecution added. The court docket additionally heard that the trainer spent “many of the proceeds of their crimes” on crypto investments.
Crypto-related crimes have dominated information headlines in Jeju this 12 months. Of specific observe is the ugly suspected homicide of an over-the-counter (OTC) crypto dealer, who was discovered stabbed to loss of life in a luxurious lodge room in Jeju in late February.
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