According to South Korean news agency Chosun Biz, Jinwook Shin, the CEO of crypto exchange Bitsonic, was detained on 7 August by South Korean police for stealing investments and deposits from exchange users.
Bitsonic’s vice president will likewise be tried without preliminary detention. Prosecutors suspect that from January 2019 to May 2021, Shin falsely manipulated cryptocurrency prices and trading volume on Bitsonic, taking the equivalent of 10 billion won ($7.5 million) from exchange users.
Even after liquidity concerns arose and Bitsonic ceased accepting withdrawals, its CEO continued to offer cryptocurrency to new consumers.
