The head of the Bitsonic crypto exchange in South Korea has been arrested

The CEO of the Bitsonic crypto exchange, which operates in South Korea, Jinwuka Shin, was arrested. He is accused of stealing assets worth 10 billion won, which is approximately $7.6 million. This is written by local publications.

What the case materials say

They indicate that from the beginning of 2019 to the end of spring 2021, he artificially inflated prices and trading volumes on the crypto exchange. Thus, the attacker hid the increasing losses of the exchange.

The head of the crypto platform allegedly carried out the withdrawal of user deposits in the amount of 10 billion won., in dollars it is 7.6 million. These amounts were received as a result of the sale of digital assets.

In addition to the CEO, the prosecutor's office also brought charges against the vice president, who is responsible for technology at the site. He is accused of obstructing official duties, which as a result aggravated the legal problems of the cryptocurrency exchange.

It should be noted that at the end of last month, the government of the country launched the work of a unit that fights crypto crimes. This is due to the fact that there has been a surge in illegal activity in the cryptocurrency industry, as well as due to the lack of legal protection for investors.

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