The CEO of crypto exchange Bitsonic has been sentenced to seven years in prison, with the firm’s technology chief receiving a one-year jail term for embezzling 10 billion South Korean won ($7.5 million) worth of customer deposits. Jinwook Shin, arrested in August 2023, faced charges including fraud and obstructing business via computer. Bitsonic’s technology VP, identified as Mr. A, was sentenced for similar charges. The sentencing underscores the seriousness with which South Korean authorities address financial crimes in the crypto industry. The court’s harsh judgment reflects the significant damage inflicted on trust in crypto exchanges due to Shin and Mr. A’s actions. Manipulating transaction volume, creating false deposits, and spreading fake partnership notices, Shin orchestrated a fraudulent scheme that ultimately led to substantial losses for customers. This incident highlights the importance of regulatory oversight and transparency in crypto exchanges to protect investors’ interests and maintain market integrity. (Source: Cointelegraph)
