Jinwook Shin, CEO of South Korean cryptocurrency exchange Bitsonic, has been arrested for allegedly stealing 10 billion won (~$7.6 million) in assets. This is reported by local media.
According to the case file, from January 2019 to May 2021, Shin artificially inflated prices and trading volumes on the exchange to hide mounting losses.
CEO Bitsonic allegedly withdrew 10 billion won (~$7.6 million) in user deposits from the sale of cryptocurrencies.
Prosecutors also accused the VP of Technology at Bitsonic of obstructing official duties, exacerbating the platform’s legal problems.
Recall that at the end of July, the South Korean government launched a unit to combat cryptocurrency crimes. The initiative is driven by a surge in illegal activity in the digital asset market and a lack of legal protection for investors.
Also, the Korean authorities called on crypto exchanges to strengthen compliance control.
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