The South Korean Police have arrested Jinwook Shin, CEO of South Korea-based crypto exchange Bitsonic, who is being investigated for stealing $7.5 million of users’ funds.
According to Chosun Biz, a local news outlet, Shin’s arrest happened on August 7. The report also stated that Bitsonic’s vice president would be on trial for the same offense without prior detention.
Bitsonic CEO And VP To Face Trial For Alleged Market Manipulation And Fraud-related Charges
According to the South Korean prosecutors, Shin allegedly manipulated the price and trading volume of cryptocurrencies on Bitsonic from January 2019 to May 2021. As a result of the false market manipulations, the CEO stole approximately 10 billion worth (equivalent to $7.5 million) of user deposits from the exchange.
Shin allegedly used a shell company he opened in Singapore for his market manipulation activities. In addition, the prosecutors alleged that Shin…
