A professor from South Korea who is going to remain unnamed has been recently sentenced by the law enforcement agencies in South Korea. He was also a committee member for the presidential campaign for the current President Moon Jae-In. As per his sentence, he is required to serve one to two years behind bars in a correctional facility in the region.
The Korean authorities have charged the professor for his contributions to promoting a scam token called the Coal Coin. In 2017, the professor delivered a speech discussing the investment benefits and growth potential of the scam token. As per the reports, many remarks about the Coal Coin were proven false and forged later on.
South Korean Professor Helped in Promoting a Scam Token that Duped Many Investors
As per the police reports, the convicted professor held a conference in 2017 and spoke publically on the matter of the scam coin. The token project called Coal Coin was a newly launched altcoin related to a blockchain. The professor told investors that the price of the Coal Coin is set to grow a hundred times bigger in the next few months.
As per authorities, he also convinced the potential investors that the scam token project has official approval from several state regulators. The police investigation report reveals that the professor told his investors that the Fair Trade Committee, Financial Supervisory Service (FSS), and also the Bank of South Korea authorized the Coal Coin project. Investigators claim that all of these statements are false.
The professor, who is now convicted by the court of law, claims that he should not be put on trial. He claims that the conference in 2017 was only for academic purposes, and it was not meant to attract investors or promote the Coal Coin. However, the investigators on the case claim that the scam token managed to dupe around 5000 victims.
The investigators further added that most of these victims fell for the said token, keeping in mind the academic endorsements and goodwill of the professor. Due to legal reasons, the media has refrained from revealing his name in public. The professor has also submitted an appeal to the higher court to open the case once again and review the investigation reports.