A South Korean gang member was jailed for squandering a friend's $332,000 Bitcoin savings.

CoinFeed reported on March 31 that, according to DL News, the Busan District Court in South Korea sentenced a member of the "Seven Star Gang" to eight years in prison. In 2019, the man was commissioned by a friend to exchange approximately $332 million worth of Bitcoin for cash, receiving a 0.5% commission. However, he did not hand over the money to his friend, instead squandering it on illegal gambling websites. The victim's friend subsequently reported the case to the police. While on the run, the man also laundered money for an investment fraud ring that defrauded victims of approximately $6.4 million over a period of more than a year.