The Suwon High Court sentenced the scammers who stole 20.25 million Ripple XRP to 7 years in prison.
A couple who stole about $3.76 million worth of Ripple XRP tokens from a crypto investor in 2017 have been sentenced to seven years in prison. The scammers pretended to be brokers in order to get their hands on a stash of 20.25 million Ripple XRP.
The perpetrators, identified as A and B (the real names of non-public people are not allowed in the press), first began hunting the victim (identified by the media as C) in January 2016, when C created a digital wallet and bought XRP through A, who worked in while a crypto broker, receiving commissions from their clients. Then A began to slowly bring B into the picture. B made money “managing” crypto investments and clients’ wallets, and the duo began a “romantic relationship.”
A introduced BC, telling the latter that B was an exceptional crypto broker who could help protect C’s funds. In the end, C decided to trust B. And in October 2017, C finally transferred the funds or private keys from his wallet to B to coffee shop in Gangnam, Seoul, while paying a commission.
However, the couple then proceeded almost immediately to convert almost $1 million worth of tokens into cash, which they subsequently spent on expensive cars and “precious metals”, and were unable to recover the rest of the funds. C eventually discovered what happened and alerted the police, who eventually arrested A and B. The duo went to trial last August under the Enhanced Punishment for Specific Economic Offenses (Fraud) Act, and the presiding judge served them Both documents are identical. seven year sentences.
The couple hoped to commute the sentence or vacate the sentence, but the judge of the Suwon High Court upheld both claims, stating:
The defendants caused damage to the victim in the amount of [около 3,76 млн долларов США]: the size of the fraud was large; the damage was not repaired; after the crime, the defendants purchased expensive precious metals and cars; and the victim wanted them to be punished for what they had done.
Ripple Xumm was previously known to be testing the delivery of Xumm + Tangem card orders. Also in the material on the official website of the company, Ripple management gave a forecast for fintech for 2022.
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