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Bitsonic

South Korean Police Arrest Bitsonic CEO Accused of Defrauding Investor

Kent Tenix
by Kent Tenix
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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. 

Related Reading: Clear! ‘SEAL’ Team Emerges To Secure DeFi Space Through Ethical Hacking

Shin allegedly used a shell company he opened in Singapore for his market manipulation activities. In addition, the prosecutors alleged that Shin continued offering crypto to new clients even after Bitsonic encountered liquidity issues and suspended withdrawals. 

The investigation has been ongoing since 2021 and involved the exchange’s vice president, who is referred to as Mr. A, as part of the accused. The prosecutors alleged that Mr. A conducted a program to purchase Shin’s crypto holdings on Bitsonic’s system. 

Bitsonic suspended withdrawals in August 2021, citing external and internal issues via its Telegram channel. Following this and related incidents, South Korea’s Financial Services Commission (FSC) shut down 11 local cryptocurrency exchanges for fraud-related activities.

TOTAL chart
The total crypto market cap currently hovers at $1.147 in the daily chart. | Source: TOTAL chart from TradingView.com

South Korean Law Enforcement Agencies Ramps Up Crypto Crime Fighting Efforts

Following the prevalence of fraudulent activities in South Korean exchanges, the government established an interagency investigation unit. 

According to a July 26 report, the special investigation unit is aimed to fight crypto crimes and protect investors by tackling the growing illegal activities in the cryptocurrency market.

Earlier, the Seoul Southern District Prosecutors Office disclosed plans to establish a joint digital asset crime investigation unit dubbed the Joint Investigation Centre for Crypto Crimes. The unit encompasses 30 investigators from seven government agencies, including the Financial Supervisory Service, Korea Customs Service, the prosecution department, National Tax Service, etc.

The joint investigative unit will accelerate and streamline the investigative process for tracking crypto-related crimes by deploying experts on crime detection, handling, and analysis.

Related Reading: Shiba Inu: Is This The Official Nod For Shibarium’s Debut On August 16th?

Also, on June 30, South Korea’s National Assembly passed the country’s first legislation to safeguard crypto investors. According to a local news outlet SBS Biz, the legislation, which integrates 19 crypto-related bills, aims to regulate trade practices and eliminate illicit market activities to protect crypto investors.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix

Kent Tenix

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Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on politics, business, technology, or culture, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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