Father Imprisoned for Running Cryptocurrency Gambling Site, Daughter Continues Operation... 60 Billion Won in Fines Imposed

Bitcoin Price Prediction Method... Concealment of Criminal Proceeds
Gwangju District Court Sentences Daughter to 5 Years in Prison and Orders 60.8 Billion KRW Confiscation

The daughter who continued to operate an illegal gambling site and concealed criminal proceeds after her father was imprisoned for running the site was sentenced to prison and ordered to forfeit hundreds of billions of won.

According to Yonhap News on the 24th, Judge Yoon Myunghwa of the Gwangju District Court Criminal Division 2 sentenced A (34, female) to five years in prison on charges of operating a gambling space and concealing criminal proceeds, and ordered the forfeiture of 60.8 billion won along with the seizure of evidence.

A, along with her father B, operated an illegal Bitcoin gambling site from 2018 to 2021, receiving deposits of 24,613 Bitcoins from users, equivalent to 400 billion won. The site operated by allowing users to predict and bet on Bitcoin price fluctuations, paying dividends if predictions were correct. A laundered over 5.1 billion won of criminal proceeds earned from the site through acquaintances with her sister.

After her father B was arrested and sentenced to 13 years in prison in January last year, A took over the operation of the site on his behalf. B is known to have given instructions for site operations from prison. A, along with her sister, was caught attempting to covertly exchange Bitcoins under false names to cover B’s legal fees and living expenses.

A’s crimes continued even after being caught by the police. The police seized 1,798 Bitcoins owned by A, but due to daily transaction limits, the seizure process took a long time. During this period, A and her accomplices embezzled 1,476 Bitcoins (worth approximately 60.8 billion won at current market prices).

During the trial, A claimed that the Bitcoin seizure was conducted illegally and argued that the Bitcoin site they operated was not a gambling site but a margin trading site, thus not illegal. However, the court did not accept these claims.

Judge Yoon pointed out, "A and others claimed to be a virtual currency margin trading exchange, but in reality, they opened and operated an internet site that was nothing more than a gambling space based on chance." He also stated that there was no illegality in the process and procedures of seizing the Bitcoins. Judge Yoon added, "A took a leading role in operating the site after her father was arrested and actively engaged in concealing criminal proceeds. Considering the seriousness of the crime, severe punishment is inevitable."

Meanwhile, the Crime Proceeds Recovery Team of the Gwangju Police Agency is conducting follow-up investigations on five accomplices involved in A’s crimes.

This content was produced with the assistance of AI translation services.