South Korean court convicts two over fake exchange listing promises
- —1.25 million tokens sold at 40 won each, totaling 50 million won
- —Buyers were promised listings on Upbit, Bithumb and Coinone within 90 days
- —Coinone rejected the listing in December 2022; the Bithumb application was withdrawn
- —Only 600 million of the 1 billion won game development budget was paid
Why it matters: The ruling sets a precedent that listing promises without grounds count as fraud in South Korea, raising legal risk for token promoters.
Source: Bloomingbit