Couple Who Stole $3.76M Worth of XRP Sent to Jail for 7 Years

A couple who stole over $3.76 million worth of XRP from a crypto investor in 2017 have been sentenced to seven years in prison after an appeals court in South Korea ruled the duo should spend a decade behind bars.

Couple who stole $3.76 million worth of XRP sent to prison for 7 years

Chosun Ilbo reports that the court, a division of the Suwon High Court, heard the couple, who were “in a romantic relationship,” had a plan by posing as a broker to get the XRP 20.25 million number money (USD 12 million). .

Dubbed A and B by the media for legal reasons, the unnamed couple first decided to exploit their victim (dubbed C by the media) in January 2016, when C created a digital wallet and bought XRP through A, identified as was a crypto broker working at the time, receiving commissions from its clients.

Then A slowly begins to introduce B to the mission. B makes money by “managing” investments and crypto wallets for clients.

A introduced BC and told the latter that B was a special cryptocurrency broker who could help protect C’s funds. In the end, C decided to put his trust in B. And finally, in October 2017, C handed over the money or private keys in her wallet to B at a coffee shop in Gangnam, Seoul, paying a commission in the process.

However, the pair then almost immediately converted nearly $1 million worth of tokens into cash to pay for expensive cars and “precious metals,” and didn’t return the rest of the cash.

C eventually found out what had happened and reported it to the police, who eventually arrested A and B. The duo were tried last August under the terms of the Criminal Code more severely for certain economic crimes (fraud), with the presiding judge also trying both with seven years’ imprisonment.

The two had hoped to have their sentences reduced or overturned, but Suwon High Court judges upheld both, stating:

“The defendants caused the victims approximately $3.76 million in damage: the scale of the fraud was enormous; damage is not repaired, defendant buys precious metals, expensive cars after crimes; and the victims want to be punished for what they have done.”

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