TechFlow reports that the central figure behind South Korea's "Afrika TV Coin Gate" incident, online streamer Seo, has been sentenced to a heavy prison term for fraud. On the afternoon of August 30, the Seoul Eastern District Court's Criminal Division 11 (Presiding Judge Kang Min-ho) sentenced the detained suspect Seo to 15 years in prison on charges including violation of the Act on Aggravated Punishment of Specific Economic Crimes (fraud). The court found that Seo defrauded investment funds by recommending victims to invest in virtual assets (tokens) issued by his company or in business ventures. He is also suspected of misappropriating company account funds to purchase virtual gifts known as "stars."
The court stated that Seo defrauded a total of 120 victims, amassing over 11 billion Korean won.
Notably, two YouTubers who accepted funds from Seo in exchange for suppressing related reports were detained and indicted on charges including blackmail on the 14th.
