South Korean ‘Bogus Crypto Exchange’ Fraudster Jailed ⚠️

➡️ A South Korean court has sent an individual who provided a bogus crypto exchange with illegal bank documents to prison for four years. Per Busan Ilbo, Judge Kim Jae-yoon of Changwon District Court sentenced an unnamed individual “in their 30s” following a fraud conviction.

‼️ The criminal, referred to in the South Korean media as A for legal reasons, worked with “gang members” on the project. The court heard that A supplied the gang with bankbooks in the name of third parties using stolen identity data.

📌 The gang, the court heard, created a fake exchange that duped citizens into investing over $112,000 in the platform. A provided the gang with several bankbooks, as well as official public certificate documentation and one-time passwords (OTPs) linked to company accounts.

📣 The gang members posed as middle managers of their bogus crypto exchange, and the court heard that they targeted “victims who had suffered stock investment losses.”

Crypto Bank Sygnum Raises $40 Million for Expansion and Mergers ‼️

📌 Sygnum AG, a global digital asset bank, has successfully raised $40 million in a strategic funding round led by Azimut Holding.

✔️ According to Sygnum’s latest announcement, the bank completed the oversubscribed funding round with over $40 million, exceeding its original $35 million target. Following its interim close, Sygnum’s post-money valuation has reached approximately $900 million.

🟢 The strategic growth round positioned Sygnum AG to broaden its horizons into new markets, enhancing its already robust collection of regulated products and services to “take advantage of the increasingly positive market developments in the digital asset industry.”

➡️ The announcement stated that the bank’s resilience and financial success, particularly during the “crypto winter,” played a significant role in this latest funding achievement. By the end of 2023, Sygnum boasted an impressive annualized revenue rate exceeding $100 million and achieved a significant milestone by reaching positive cash flow in the fourth quarter.

💬 “We are pleased to have led Sygnum’s Strategic Growth Round fundraising at this topical moment when the demand for well-regulated, institutionalised services in crypto looks set to surge in 2024,” said Azimut Holding CEO Giorgio Medda.

💬 “Sygnum has been a Group key partner since 2021 as, first in Europe, we have developed together the first tokenisation of a private credit portfolio to benefit our alternative investment funds asset allocation,” said Medda.