South Korean Gang Member Sentenced to Eight Years for Bitcoin Misuse

PANews posted on X (formerly Twitter). A member of South Korea's "Seven Stars Gang" has been sentenced to eight years in prison by the Busan District Court, as reported by DL News. In 2019, the individual was entrusted by a friend to convert approximately $332,000 worth of Bitcoin into cash for a 0.5% commission. However, he squandered the entire amount on illegal gambling websites without returning any funds, prompting his friend to report the incident to the authorities. During his time on the run, the gang member escalated his criminal activities by providing money laundering services to a fraud syndicate. This group defrauded victims of approximately $6.4 million over more than a year.