Ali Alghasi, Head of the Tehran Province Justice Administration, announced the ruling on the second part of the multi-defendant case, explaining that three individuals and one corporation were convicted of disrupting Iran’s economic system by creating and distributing a fraudulent cryptocurrency called “King Money.”
Three individuals received long-term prison sentences, while the company “Baderan Gostaran” was banned from any cryptocurrency-related activities for two years.
Fereydoon Ghorbanian, CEO of Baderan and the primary defendant, received a 20-year prison sentence for his role in orchestrating the fraudulent network.
Shohreh Mousavi, another key defendant, was sentenced to 15 years for participating in the scheme and facilitating the distribution of the fake cryptocurrency.
