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A man in the United States was sentenced to 48 months in prison for defrauding Crypto Assets of 7 million dollars.
On July 10, according to an announcement from the U.S. Supreme Court, Douglas Jae Woo Kim was sentenced to 48 months of federal imprisonment today for defrauding investors of over 7 million dollars in Crypto Assets and other funds. The sentence was announced by U.S. District Court Senior Judge Charles R. Breyer.
In a three-week trial in February 2025, 32-year-old New York resident Jin was found guilty by a federal jury of 14 counts of wire fraud, international money laundering, and laundering, with one count of international money laundering being dismissed. During today’s sentencing hearing, Judge Breyer dismissed one of the money laundering charges based on jurisdictional grounds. Court documents and trial evidence showed that from October 2017 to June 2020, Jin, who relocated to San Francisco, posed as a legitimate Crypto Assets trader to defraud several friends and family investors. He falsely claimed to need short-term liquidity funds for Crypto Assets trading or other legitimate business purposes, assured victims of "zero risk or very low risk" on loans, promised high returns, and claimed to have sufficient funds for personal guarantees.