South Korea arrests Bitsonic CEO for allegedly stealing $7.5M of users’ money


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According to South Korean information outlet Chosun Biz, Jinwook Shin, the CEO of crypto alternate Bitsonic — who’s beneath investigation for stealing investments and deposits from alternate customers — was arrested by South Korean police on Aug.7. The vp of Bitsonic can even be placed on trial with out preliminary detention.

In accordance with prosecutors, from January 2019 to Could 2021, Shin allegedly falsely manipulated the costs and buying and selling quantity of cryptocurrency on Bitsonic, stealing the equal of 10 billion gained ($7.5 million) from alternate customers.

Even after liquidity points started and Bitsonic stopped withdrawals, its CEO continued providing crypto to new purchasers.

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The investigation, which began in 2021, additionally accuses the corporate vp, known as Mr. A, of operating a program to buy the cryptocurrency held by Shin on the alternate system. In his manipulation, Shin allegedly used a paper firm he opened in Singapore.

Bitsonic halted operations in August 2021, citing “inside and exterior points.” In the identical interval, South Korean police shut down 11 native crypto platforms for fraud.

South Korea has just lately established an interagency investigation unit to fight cryptocurrency crimes, aiming to deal with an increase in illicit actions available in the market and the necessity for investor safety.

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