This cryptocurrency exchange was actually a $384 million Ponzi scheme

The CEO of South Korean cryptocurrency “exchange” CoinUp has been sentenced to 16 years prison for his role in defrauding investors out of 450 billion won ($384 million), Yonhap News reports. Mr. Kang-mo, alongside a raft of his executives, were found to have deceived thousands of CoinUp customers by promising returns of up to 200 percent on cryptocurrency investments, just 4-to-10 weeks after purchase. A judge also sentenced the firm’s chief financial officers, Mr. Kwon and Mr. Shinmo, to 11 years in prison. CoinUp’s “governor” Mr. Yunmo was given 7 years imprisonment, alongside his mother-in-law. Several other executives were reportedly…

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source https://thenextweb.com/hardfork/2019/11/13/south-korea-coinup-cryptocurrency-exchange-ponzi-pyramid-scheme-fraud-ceo-jail/