A South Korean CEO who “misappropriated” Ethereum (ETH) worth $2.4 million from a partner firm was given a five-year jail term.
The 43-year-old guy, who is only known by his last name (Chae), is the boss of a “marketing business” that works with cryptocurrency funds, according to the news source Delight.
The business collaborated with a telecom and television company that operates in the blockchain field, according to testimony presented before a branch of the Seoul Northern District Court.
The telecommunications company has a patent for a novel approach to pooling mobile communication resources driven by blockchain. Using the marketing firm, it started a “reverse” initial coin offering (ICO).
Investors contributed about ETH 38,099 to the reverse ICO, which was managed by Chae’s business.
