Prosecutors seek 9-year prison term for Hancom chairman Kim Sang-cheol

South Korean prosecutors have requested a nine-year prison sentence for Hancom Chairman Kim Sang-cheol due to allegations of creating a crypto slush fund valued at approximately 9 billion won. During a closing hearing at the Seongnam branch of the Suwon District Court, prosecutors charged Kim with breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. Kim is accused of transferring Bitcoin and other assets worth about 9.6 billion won, raised from the sale of Arowana Token, a cryptocurrency from Arowana Tech, which had received investment from a Hancom affiliate, using his second son's name. Prosecutors assert that the funds were misappropriated for personal use.

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