CEO of CJ Games Arrested for Selling In-Game money for Real Money

cj games gold seller

I’ve always suspected that some game companies were actually behind in in-game currency selling as well as some bot programs. My suspicions were confirmed when the CEO of CJ games was arrested for selling in-game currency for real cash. It’s indeed sad to hear that this kind of operations would one day be a common occurence.

On Saturday it was reported that Kwon Young-shik, president of CJ Games, CJ E&M’s online gaming subsidiary, was arrested by the Seoul Northern District Prosecutors’ Office for exchanging game money for real currency worth a market-value of 900 million won (about $793,000) on Wednesday. He was arrested with another lower level CJ employee surnamed Hong, who is reportedly involved in the illegal exchange.

The prosecutors’ office raided CJ E&M Netmarble office on Thursday and is planning to expand the investigations following the testimony of a money exchanger surnamed Lee, who was arrested last month and confessed the involvement of Netmarble employees.

Kwon is charged with exchanging his virtual money for real world currency through Lee during his tenure as director in 2008 of CJ Internet, CJ Games’ predecessor.

“The prosecutors’ office is investigating some of our employees to find out whether they participated in illegal activities along with the currency exchanger arrested on April,” said a Netmarble representative. “We will cooperate with the investigation to utmost.”

Game authorities have tried to contain illegal game money exchange for some time to no avail, and the recent news of a direct involvement of a game company official is hard proof that they are really doing a shabby job about it.

Source: Koreatimes

Wednesday, May 9th, 2012 at 2:19 amand is filed under Gaming News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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