South Korean authorities have arrested the CEO of the Bitsonic crypto exchange, Jinwook Shin, for allegedly stealing $7.5 million dollars of user funds.
Embezzlement Allegations
Jinwook Shin was taken into custody by South Korean authorities on August 7th after an investigation uncovered that the CEO had been allegedly embezzling investments and deposits belonging to the exchange’s users during the time period between January 2019 and May 2021.
According to the initial report, Shin allegedly engaged in fraudulent activities that manipulated cryptocurrency prices and trading volume on Bitsonic, which led to the misappropriation of approximately $7.5 million (10 billion won) from user funds.
Liquidity Issues Leads To Shutdown
Despite facing liquidity problems and suspension of withdrawals on the crypto platform, Shin continued to provide cryptocurrencies to new customers. This persistence drew the attention of the Seoul cyber crime department, which alleged that Shin failed to purc
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