2024

Bitsonic

Million

Coin

<h4><strong>South Korean authorities have reportedly sentenced the CEO of local exchange Bitsonic to seven years in prison. </strong></h4>
<p>The authorities also handed out a one-year sentence to the technology chief of Bitsonic for stealing customer deposits valued at 10 billion won ($7.5 million).</p>
<h5><strong>Bitsonic CEO Sentenced to 7 Years for $7.5 Million Theft</strong></h5>
<p><span style="font-weight: 400;">Local reports claim that the Seoul District Court charged Jinwook Shin with fraud and forging records. Judge Lee Jong-chae claimed that Bitsonic fraudulently boosted trading volumes to mislead users and rob them of their deposits.&nbsp;</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">BITSONIC EXCHANGE CEO SENTENCED TO SEVEN YEARS IN PRISON FOR $7.5M CUSTOMER DEPOSIT THEFT</p>
 <p>– Jinwook Shin, the CEO of Bitsonic, faces a seven-year prison term for orchestrating a fraudulent scheme that resulted in the theft of $7.5 million in customer deposits.</p>
 <p>– Bitsonic, once… <a href="https://t.co/SmVJ73zFgw" rel="noopener noreferrer nofollow">https://t.co/SmVJ73zFgw</a> <a href="https://t.co/HmsuQBdUxv" rel="noopener noreferrer nofollow">pic.twitter.com/HmsuQBdUxv</a></p>
 <p>— BSCN (@BSCNews) <a href="https://twitter.com/BSCNews/status/1755141196903592005?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 7, 2024</a></p>
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<p><span style="font-weight: 400;">The crime involved using Bitsonic’s capital to boost the prices of its native coin, Bitsonic Coin (BSC). In addition, authorities claim the fraudulent scheme spanned from January 2019 to May 2021.</span></p>
<p><span style="font-weight: 400;">Additionally, the court claimed fake cash deposits were made into Bitsonic to create a false sense of legitimacy. Authorities said Shin coordinated a manipulation of the market by taking advantage of the reputation of the exchange.</span></p>
<h5><strong>More About Bitsonic’s Fraud</strong></h5>
<p><span style="font-weight: 400;">Furthermore, the court noted that both </span><span style="font-weight: 400;">Bitsonic’s vice presidents of technology—addressed only as Mr. A </span><span style="font-weight: 400;">and Shin showed no remorse, adding that trust in crypto exchanges “has been greatly damaged.”</span></p>
<p><span style="font-weight: 400;">Shin <a href="https://www.yna.co.kr/view/AKR20240206111700004" target="_blank" rel="noopener noreferrer nofollow">reportedly</a> claimed to have falsely announced that Bitsonic had <a href="https://www.altcoinbuzz.io/cryptocurrency-news/solana-partners-with-adglobal-to-grow-middle-east-blockchain/" target="_blank" rel="noopener noreferrer nofollow">partnered</a> with foreign exchange to promote a sense of trust among investors. However, the fraudulent scheme collapsed after investors were unable to withdraw their funds. </span></p>
<p><span style="font-weight: 400;">Bitsonic shut down in 2021, citing “internal and external issues.” In addition, South Korean authorities claim some investors have yet to recover their funds from the exchange.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">South Korean crypto exchange Bitsonic's CEO, Jinwook Shin, receives a 7-year prison sentence for orchestrating a $7.6 million fraud scheme.</p>
 <p>Manipulating trading volumes and falsifying deposits, Shin defrauded investors of approximately 10 billion won.</p>
 <p>The case underscores…</p>
 <p>— Adam | Crypto (@donor79) <a href="https://twitter.com/donor79/status/1754900620077920728?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 6, 2024</a></p>
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<h5><strong>South Korea Continues its Push for Transparency</strong></h5>
<p><span style="font-weight: 400;">South Korean lawmakers have taken a hard stance against crypto fraud, particularly targeting exchanges and other digital financial service providers. Seoul Prosecutors recently arrested the CEO and some executives of the crypto investment platform Haru Invest.&nbsp;</span></p>
<p><span style="font-weight: 400;">Prosecutors claim the group robbed 16,000 customers of 1.1 trillion won ($830 million) in cryptocurrency, with the majority of the proceeds being misappropriated through reinvestment between March 2020 and June 2023.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">This case exposes the dangers of unregulated crypto exchanges and emphasizes the importance of strong regulations to protect investors.</p>
 <p>— Adam | Crypto (@donor79) <a href="https://twitter.com/donor79/status/1755049841607193053?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 7, 2024</a></p>
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<p><span style="font-weight: 400;">As more people continue to embrace crypto, users need to heavily vet the platforms they commit their funds to.</span></p>
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<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/prosecutors-arrest-bitsonic-executives-for-fraud/" rel="noopener noreferrer nofollow">Prosecutors Arrest Bitsonic Executives for Fraud</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Prosecutors Arrest Bitsonic Executives for Fraud

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