Charged with Obstruction of Cryptocurrency Exchange Operations... Additional Indictment of 'Cheongdam-dong Stock Tycoon' Brothers Lee Hee-jin

The so-called 'Cheongdam-dong stock wealthy' brothers, who were prosecuted for embezzling hundreds of billions of won by issuing 'scam coins,' have been additionally indicted on charges of obstructing the operations of a cryptocurrency exchange.

On the 27th, the Seoul Southern District Prosecutors' Office Joint Investigation Team on Virtual Asset Crimes (Chief Lee Jeong-ryeol) announced that they had indicted Lee Hee-jin (37) and Lee Hee-moon (36) without detention.

The Lee brothers are accused of obstructing Upbit's listing review by submitting false documents regarding distribution plans and operators during the process of listing Pica Coin on Upbit around December 2020.

Joint Investigation Unit for Virtual Asset Crimes. Photo by Jinhyung Kang aymsdream@

Previously, from March 2020 to September 2022, the Lee brothers were arrested and indicted last October on charges of embezzling a total of approximately 89.7 billion won by issuing and listing three types of scam coins, then using false promotions and market manipulation to deceive investors.

They are also accused of selling one type of scam coin from February to July 2021, acquiring about 23.5 billion won worth of Bitcoin, and hiding it through illegal virtual asset operators. The prosecution indicted the Lee brothers without detention on charges of violating the Act on the Regulation of Concealment of Criminal Proceeds on the 12th of last month. The first trial is currently underway.

A prosecution official stated, "We will continue to respond strictly to crimes related to coins and do our best to ensure swift recovery of damages."

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