This cryptocurrency exchange was actually a $384 million Ponzi scheme

This cryptocurrency exchange was actually a $384 million Ponzi scheme

The CEO of South Korean cryptocurrency “exchange” CoinUp has been sentenced to 16 years prison for his role in defrauding investors out of 450 billion won ($384 million), Yonhap News reports. Mr. Kang-mo, alongside a raft of his executives, were found to have deceived thousands of CoinUp customers by promising returns of up to 200 percent on cryptocurrency investments, just 4-to-10 weeks after purchase.