Woofun AI reports that the Seoul Southern District Court has handed down its first sentence under the Virtual Asset User Protection Act, convicting a cryptocurrency influencer of fraud. The mastermind, Park, received a four-year prison term for orchestrating a meme coin "rug pull" scam via Pump.fun. Two accomplices were sentenced to two years and six months, and three years with five years of probation, respectively.

Prosecutors detailed that the group disseminated false bullish claims, including fabricated "token lock-ups", which drove the coin's price up 1,001 times within 26 hours. This manipulation attracted approximately 6,000 investors before the defendants dumped their holdings. The scheme cost roughly 10 million Korean won to execute but generated illegal profits of around 400 million Korean won.