{"id":70867,"date":"2024-02-07T09:51:24","date_gmt":"2024-02-07T13:51:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=70867"},"modified":"2024-02-07T09:51:26","modified_gmt":"2024-02-07T13:51:26","slug":"crypto-exchange-bitsonic-ceo-exec-reportedly-face-jail-term","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-exchange-bitsonic-ceo-exec-reportedly-face-jail-term\/","title":{"rendered":"Crypto Exchange Bitsonic CEO, Exec Reportedly Face Jail Term"},"content":{"rendered":"\n

Reportedly, for plundering 10 billion South Korean won ($7.5 million) worth of customer deposits, the CEO of cryptocurrency exchange<\/a> Bitsonic has received a seven-year prison sentence, the firm's CTO also received a one-year sentence.<\/p>\n\n\n\n

\"Crypto
Crypto Exchange Bitsonic CEO, Exec Reportedly Face Jail Term<\/figcaption><\/figure>\n\n\n\n

The Korean District Court imposed a seven-year prison sentence on Jinwook Shin, according to a February 6 report by the Yonhap News Agency of South Korea. His detention on August 7, 2023, brought him into custody on fraud charges, record forgery and falsification, and computer-based business obstruction.<\/p>\n\n\n\n

Vice president of technology at Bitsonic, identified only as Mr. A, received a one-year sentence for computer-related business obstruction.<\/p>\n\n\n\n

The court stated that Shin and Mr. A had “significantly harmed confidence” in cryptocurrency exchanges, adding that the two individuals were “avoidant of responsibility and apathetic.”<\/p>\n\n\n\n

\"\"
Shin was sentenced to seven years in prison. Source: X<\/figcaption><\/figure>\n\n\n\n

The company added that a “significant amount” of customer funds remained unrecovered.<\/p>\n\n\n\n

The court stated that Shin manipulated transaction volume<\/a> on the exchange between January 2019 and May 2021 by purchasing its token with Bitsonic's funds, thereby inflating its price unduly.<\/p>\n\n\n\n

Additionally, he fabricated won deposits into the exchange's system to appear as though he had deposited currency. Further, Mr. A developed a program that acquired Shin's cryptocurrency to exaggerate exchange prices.<\/p>\n\n\n\n

Shin fraudulently announced on Bitsonic that it had partnered with an additional international exchange.<\/p>\n\n\n\n

When investors could not withdraw their cash and cryptocurrencies, the scheme imploded due to Shin's misappropriation of $7.5 million in client funds.<\/p>\n\n\n\n

In August 2021, Bitsonic ceased operations, attributing the closure to “internal and external issues.”<\/p>\n\n\n\n

In the interim, the CEO and two other executives of the cryptocurrency yield platform Haru Invest\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which halted withdrawals in June 2023, were detained by the Seoul Prosecutors Office on February 6.<\/p>\n\n\n\n

According to prosecutors, the three individuals misappropriated 1.1 trillion won ($830 million) worth of cryptocurrency from 16,000 users between March 2020 and June 2023 by reinvesting the majority of the funds.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reportedly, for plundering 10 billion South Korean won ($7.5 million) worth of customer deposits, the CEO of cryptocurrency exchange Bitsonic has received a seven-year prison sentence, the firm’s CTO also received a one-year sentence. The Korean District Court imposed a seven-year prison sentence on Jinwook Shin, according to a February 6 report by the Yonhap […]<\/p>\n","protected":false},"author":12,"featured_media":70880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[5580,15623,12791],"class_list":["post-70867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-crypto-exchange-2","tag-bitsonic-ceo","tag-jail-term"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/image-17.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=70867"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/70880"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=70867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=70867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=70867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}