South Korean Man Sentenced to Eight Years in Prison for Misusing Friend's Bitcoin

A court in Busan, South Korea, has sentenced a man to eight years in prison for misusing his friend's bitcoin, which he had been entrusted with.

The man had converted the cryptocurrency into cash and lost it all through a series of online bets at an illegal gambling website. The total value of the lost bitcoin was approximately $332,000 (110 million HUF).

But that wasn't the only crime committed by the defendant. He also helped a group of investment scammers using Telegram to launder money out of the country, resulting in losses of around $6.4 million (2 billion HUF) for their victims.

The court took into account the severity of the crimes and the number of victims affected when handing down the sentence.