Crucial Multilevel Marketing Executive of a Gang that Embezzled 15 Billion Won Under the Pretext of Celebrity Investment Arrested
The Seoul Southern District Prosecutors’ Office’s Virtual Asset Joint Investigation Team (Director Park Geon-wook) announced on the 8th that they had arrested A (54), a multi-level marketing executive who is accused of embezzling around 15 billion won from investors by issuing ‘Qubi Coin’ in collusion with the issuer.
Qubi Coin gained popularity as ‘Yon-sama Coin’ after it was revealed that actor Yongsung-jun had invested in it. On the first day of listing in February 2020, the price of one coin rose from 25 to 275 won, surpassing a trading volume of 69 billion won. However, in the prosecutor’s investigation, it was found that the group issued and listed Qubi Coin with false and counterfeit documents, despite lacking the intention or capability to engage in the virtual currency business from February to March 2020. They manipulated prices artificially and sold 230 million Qubi Coins after raising prices, leading to embezzlement of around 15.1 billion won from approximately 4,000 victims. Additionally, from January to April 2021, they promoted as if they were continuing the business by selling all remaining coins to a scam coin handler and defrauded around 15 billion won from approximately 9,000 investors.
The prosecutors indicted six individuals related to the case, including B (45) who operated the development company and C (40), the representative. Five were arrested, while one was not.