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

The CEO of the crypto alternate Bitsonic, who was below investigation for stealing investments and deposits, was arrested by South Korean police. The Vice President of Bitsonic would even be placed on trial, however with out preliminary detention. 

As reported by South Korean information outlet Chosun Biz, on August 7 native prosecutors arrested Jinwook Shin, who’s being accused of forgery. Based on the prosecution, in a interval from January 2019 to Could 2021, Shin falsely manipulated the costs and buying and selling quantity of cryptocurrency on Bitsonic, stealing the equal of $7.5 million (10 billion received) from the alternate’s customers.

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

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The investigation, which began in 2021, additionally accuses the corporate VP, whom media consult with as Mr. A, of working a program to buy the cryptocurrency held by Shin on the alternate system. In his manipulation, Shin used a paper firm he opened in Singapore.

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

South Korea has not too long ago established an interagency investigation unit to fight cryptocurrency crimes, aiming to deal with the rise in illicit actions out there and the necessity for investor safety.

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