South Korea arrests Bitsonic CEO for allegedly stealing $7.5 million from users

South Korea arrests Bitsonic CEO for allegedly stealing $7.5 million from users

Jinwook Shin, CEO of crypto exchange Bitsonic — under investigation for theft of users’ investments and deposits — was arrested by South Korean police on August 7, according to South Korean news agency Chosun Biz. The vice president of Bitsonic will also be tried without preliminary custody.
According to prosecutors, from January 2019 to May 2021, Shin allegedly Cryptocurrency prices and trading volumes were unfairly manipulated on BitsonicThe equivalent of 10 billion won ($7.5 million) was embezzled from users.
Even after cash flow problems emerged and Bitsonic stopped withdrawals, its CEO continued to offer the cryptocurrency to new customers.

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The investigation, launched in 2021, also accused the vice president of the company, named Mr. A, of managing a program to buy cryptocurrencies held by Shin through the exchange system. to handle, Shin allegedly used a paper company he opened in Singapore,
Bitsonic ceased operations in August 2021, citing “internal and external issues”. During the same period, South Korean police shut down 11 local cryptocurrency platforms for fraud.
South Korea recently established an interagency investigative unit to combat cryptocurrency-related crimes, with the aim of addressing the rise in illegal activity in the market and the need to protect investors.

Translation by Walter Rizzo





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