South Korean cryptocurrency boss arrested and jailed for forging fake documents.

 The cryptocurrency boss "Do Kwon" who was at the back of $40 billion Lost of two digital currency lost last year has been arrested and sentenced to jail for four months. He was also found guilty for forging fake documents.


 




Do Kwon, also known as the 'cryptocrash king' in South Korea, was reportedly sentenced to serve four months in prison for allegedly embezzling funds and controlling the market. He was accused of stealing millions of dollars' worth of digital urrency from a local exchange called Coinup, taking advantage of a escape clause in the exchange's system.


Kwon, who was the  founder of Coinup, was also accused of artificially inflating the price of certain cryptocurrencies to create a false sense of demand and boost their value. He was arrested in March and has been sent to and has been jailed.


Do Kwon, the crypto boss was arrested by police for a collapse of a digital currency platform that took $40 billion from investors, has been sentenced to four months in jail .

Kwon and his partner in  businesses, Chang-joon Han were found guilty of forging official documents, including passports and identity cards.

 Montenegrin police arrestenod Kwon and Han at the airport of Podgorica in March while they were trying to travel to Dubai with the allegedly forged documents.

Kwon and Han pleaded not guilty at court  in May. The sentences will include the time that the pair have already spent in custody after their arrest in March,  said by the court 


The sentencing of Kwon  will sends a strong message to the cryptocurrency industry in South Korea and other countries, which has been struggling with concerns about fraud and manipulation. The government has been breaking down on illegal activities in the cryptocurrency sector, and Kwon's case is seen as a significant step towards cleaning up the market.

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