Former South Korean Police Officer on Trial for Alleged Crypto Bribery
The trial of a former South Korean police officer accused of accepting bribes during a cryptocurrency fraud investigation has commenced in Gwangju. According to prosecutors, the ex-police sergeant, surnamed Jang, allegedly received over $30,000 in cash on two occasions in 2021 from a crypto broker named Seong. The prosecution claims that Seong gave Jang the money to influence the direction of the investigation. Jang admitted to taking money from Seong but argued that it was a loan rather than a bribe. The prosecution intends to summon and question Seong as a witness.
Connection to Altcoin Fraudster Trial
The case is believed to be connected to the ongoing trial of an individual named Tak, who is accused of defrauding investors by promoting an art-themed altcoin and NFTs. Prosecutors allege that Tak paid Seong over $830,000 to obstruct the police investigation into his business activities. However, Tak maintains that the payments were legal and legitimate. This trial follows previous instances of crypto fraud in South Korea, including the sentencing of a fraudster who operated QRC Bank and amassed $153 million.
Hot Take: Former Officer’s Defense Raises Doubts
The trial of the former South Korean police officer accused of crypto bribery raises concerns about corruption within law enforcement. While the officer claims that the payments were loans rather than bribes, this defense may not hold up against the evidence presented by prosecutors. If found guilty, this case could further undermine public trust in both the police force and the cryptocurrency industry in South Korea.
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