According to local sources, the CEO of the crypto money exchange Bitsonic, which operates in South Korea, has been arrested. The senior executive was under investigation for stealing investments and deposits from exchange users. South Korean police recently captured Jinwook Shin…
Executives of the famous crypto money exchange Bitsonic are under arrest
According to local news outlet Chosun Biz, South Korean police arrested Jinwook Shin, the CEO of cryptocurrency exchange Bitsonic, on Aug. 7 on charges of stealing investments and deposits from users. Bitsonic’s vice president will be tried without trial.
Prosecutors allege that Shin manipulated prices on the Bitsonic platform during the period from January 2019 to May 2021. However, it also suggests that it conveys the Trading volume in a misleading way. The founder will also be accused of stealing a total of 10 billion won (about $7.5 million) from exchange users. According to the report, even after liquidity issues began and Bitsonic stopped making withdrawals, its CEO continued to offer crypto to new customers.
The investigation, which began in 2021, accuses a company vice president called Mr. A of stealing crypto through a scheme allegedly run by CEO Shin. Behind Shin’s manipulation is allegedly a secret company allegedly set up in Singapore.
Bitsonic ceased operations in August 2021, citing “internal and external problems.” In the process, South Korean police were forced to close 11 local exchanges due to fraud.
South Korea makes additional efforts to fight the legal battle
South Korea has historically established an inter-agency investigative unit to combat cryptocurrency crime. This unit aims to improve the situation in the Market by addressing the increase in illegal activities and aiming to protect investors. These developments reflect the possibility that the sector will be subject to greater scrutiny on legal and regulatory grounds.
South Korea strengthens cryptocurrency Regulation with LEI adoption and criminal unit
On July 26, South Korea established a new investigative unit to combat cryptocurrency crimes. This unit aims to address the increase in illicit activities in the market and the need for investor protection.
Simultaneously, the Korea Securities Center announced that it has signed a business agreement with Code, a company specializing in Travel Rules in Seoul, to promote the issuance and use of the LEI (Legal Entity Identifier) in the cryptocurrency market.
parofix.com As reported, South Korea announced a new draft law on July 12. The country ranks first, especially in the trading volume of XRP. It had a big boom in April.
Contact us to be instantly informed about breaking news Twitter’also Facebookand InstagramFollow along at . Telegram and YouTube Join our channel!
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Executives of the famous crypto money exchange Bitsonic are under arrest
According to local news outlet Chosun Biz, South Korean police arrested Jinwook Shin, the CEO of cryptocurrency exchange Bitsonic, on Aug. 7 on charges of stealing investments and deposits from users. Bitsonic’s vice president will be tried without trial.
Prosecutors allege that Shin manipulated prices on the Bitsonic platform during the period from January 2019 to May 2021. However, it also suggests that it conveys the Trading volume in a misleading way. The founder will also be accused of stealing a total of 10 billion won (about $7.5 million) from exchange users. According to the report, even after liquidity issues began and Bitsonic stopped making withdrawals, its CEO continued to offer crypto to new customers.
The investigation, which began in 2021, accuses a company vice president called Mr. A of stealing crypto through a scheme allegedly run by CEO Shin. Behind Shin’s manipulation is allegedly a secret company allegedly set up in Singapore.
Bitsonic ceased operations in August 2021, citing “internal and external problems.” In the process, South Korean police were forced to close 11 local exchanges due to fraud.
South Korea makes additional efforts to fight the legal battle
South Korea has historically established an inter-agency investigative unit to combat cryptocurrency crime. This unit aims to improve the situation in the Market by addressing the increase in illegal activities and aiming to protect investors. These developments reflect the possibility that the sector will be subject to greater scrutiny on legal and regulatory grounds.
South Korea strengthens cryptocurrency Regulation with LEI adoption and criminal unit
On July 26, South Korea established a new investigative unit to combat cryptocurrency crimes. This unit aims to address the increase in illicit activities in the market and the need for investor protection.
Simultaneously, the Korea Securities Center announced that it has signed a business agreement with Code, a company specializing in Travel Rules in Seoul, to promote the issuance and use of the LEI (Legal Entity Identifier) in the cryptocurrency market.
parofix.com As reported, South Korea announced a new draft law on July 12. The country ranks first, especially in the trading volume of XRP. It had a big boom in April.
Contact us to be instantly informed about breaking news Twitter’also Facebookand InstagramFollow along at . Telegram and YouTube Join our channel!
parofix.com
