A South Korean court has sentenced a 43-year-old man to eight years in prison for laundering $2.9 million in cryptocurrency through a fake trading platform. The fraudulent scheme, which deceived 116 victims, involved using stolen logos from a reputable securities firm to create a counterfeit site. The man, along with three accomplices, converted investors' funds into cryptocurrency using corporate bank accounts and private wallets. The accomplices received prison terms ranging from two years and six months to three years. The court highlighted the central role of money laundering in the crime, underscoring the defendant's leadership in the operation. This case underscores the increasing prevalence of crypto-related fraud, with the FBI reporting over $5.8 billion in losses in 2024.