An arrest warrant has been announced for Jinwook Shin, CEO of crypto exchange Bitsonic, accused of stealing investments and deposits.
As reported by South Korean news outlet Chosun Biz, on August 7, Jinwook Shin, accused of fraud, was arrested. According to the prosecution, from January 2019 to May 2021, Shin manipulated the prices and trading volume of cryptocurrencies on Bitsonic, stealing $7.5 million (10 billion won) from users of the exchange.
He was manipulating cryptocurrencies
Manipulating various cryptocurrencies listed on the stock market, Jinwook Shin stole a large amount of money from investors on the platform. Even after liquidity problems started at Bitsonic and stopped withdrawals, the CEO continued his activities as if nothing had happened.
The investigation, which began in 2021, accuses the VP of the company, whom the media referred to as Mr. A, of certain services in cryptocurrencies by Shin. Shin cited a company he opened in Singapore as a formality in his manipulations.
In August 2021, Bitsonic ceased operations, citing corporate issues. During the same period, South Korean police shut down 11 local crypto platforms for fraud. South Korea has recently created an interagency investigation unit to combat the rise in illegal activity in the market and crypto crimes aimed at investor protection.
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