Queenbi Crypto Issuers Face Additional Embezzlement Charges of 15 Billion Won

IconCryptoNewsTerminal Staff29 Aug, 2024

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Queenbi Crypto Issuers Face Additional Embezzlement Charges of 15 Billion Won

As reported by Asia Economy, three more individuals, including the issuers of the Queenbi Crypto scam coin, have been charged with embezzling around 15 billion won (approximately $13 million) from investors through false information and market manipulation. The four people previously charged for their involvement in Queenbi Crypto are now joined by these three new defendants, who are accused of using false advertising and price manipulation to misappropriate investor funds. The charges allege that the defendants embezzled 15 billion won from cryptocurrency investors. The Queenbi Crypto scam involved the sale of a cryptocurrency that was falsely promoted as a safe and profitable investment. However, the coin's value rapidly plummeted, leaving many investors with significant losses. Investigations revealed that the coin's issuers had engaged in price manipulation to artificially inflate its value. These additional charges underscore the seriousness and scope of the Queenbi Crypto scam. The defendants face severe penalties if convicted, and the case serves as a reminder of the importance of exercising caution when investing in cryptocurrencies.

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