Prosecutors: "Wash Trading Illegal Even Before Virtual Asset Law Enactment"

Son Min

Summary

Prosecutors clearly stated that wash trading was illegal even before the enactment of the Virtual Asset Law.
The defense for Queen Bee Coin argued that there were no regulations before the law's enactment, claiming the legality of market-making activities.
The fraud case reportedly affected 13,000 victims, with total damages amounting to 30 billion KRW.

Prosecutors have revealed their stance regarding the Queen Bee Coin (QBZ) fraud case, stating that "wash trading of virtual assets was illegal even before the enactment of the Act on the Protection of Virtual Asset Users." According to industry sources on the 3rd (local time), prosecutors made this statement during the fifth trial of the Queen Bee Coin fraud case. This was in response to the defense's argument that "there were no such regulations before the enactment of the Act on the Protection of Virtual Asset Users," and that "the legality of market-making activities such as wash trading should be examined."

Meanwhile, Queen Bee Coin, once known as the 'Bae Yong-joon Coin,' gained fame but was delisted due to reasons such as price manipulation and the dissemination of fake news. The fraud case has affected 13,000 victims, with damages amounting to 30 billion KRW.