The chairman of Upbit operator Dunamu and others were acquitted and released
Operator of the virtual currency exchange Upbit has been acquitted by the Supreme Court of Korea. They were accused of profiting from pretending to deposit a large amount of assets into fake accounts, totaling 100 billion Korean won. The Supreme Court's first trial chamber (Chief Justice Oh Kyung-mi) confirmed the initial ruling, and Upbit operator Dunamu's Chairman Song Chi-hyung, CFO Nam Mo, and Data Value Director Kim Mo were acquitted. They were charged by prosecutors with forging electronic records and fraud under the Specific Economic Crimes Aggravated Punishment Act. The appellate court further determined that some of the prosecution's evidence was illegally collected and therefore not admissible.
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