Grapecoin CEO indicted for issuing fraudulent coin Grapecoin and making over 20 billion won

The Virtual Asset Crime Joint Investigation Team of the Seoul Southern District Prosecutors' Office in South Korea announced on Friday that Mr. A, the person in charge of issuing the "scam coin" (Grapecoin), who was suspected of defrauding investors of more than 20 billion won, has been detained and transferred for trial. According to prosecutors, Mr. A is suspected of issuing the scam coin Grapecoin in December 2020, raising the price through false propaganda and market manipulation, and then selling it to ordinary investors on the exchange, making a profit of about 21.6 billion won.