South Korean Crypto Exchange Bitsonic CEO Faces Second Jail Term Over Fraud
Main Idea
The CEO of South Korean crypto exchange Bitsonic, Shin Jin-wook, faces a second jail term for fraud involving the inflation of Bitsonic Coin trading volume and market price, defrauding customers of 160 million won ($115K).
Key Points
1. Shin Jin-wook, CEO of Bitsonic, was sentenced for fraud related to inflating Bitsonic Coin (BSC) trading volume and market price, defrauding customers of 160 million won ($115K).
2. Shin previously received a 7-year prison sentence for stealing 10 billion won ($7.5 million) from customers.
3. Shin used false KRW points obtained via buybacks to purchase Bitcoin and invested in unrelated firms.
4. Judge Seong Gi-jun noted Shin admitted wrongdoing and reflected on his actions but failed to reach an agreement with victims.
5. In February 2024, Shin and another executive received lenient sentences after reaching agreements with some victims and having no prior similar criminal history.
Description
The CEO of South Korean crypto exchange Bitsonic has been sentenced to a second jail term for another fraud charge. CEO Shin Jin-wook already faces a 7-year sentence in prison for stealing 10 billion won ($7.5 million) worth of customer deposits. South Korean media outlet Digital Asset reported that a Daegu District Court judge sentenced Shin for his alleged involvement in Bitsonic Coin (BSC) fraud. CEO Admits to Bitsonic Coin Fraud The CEO defrauded customers for a total of 160 million won ($11...
Latest News
- SEC’s Peirce Defends Crypto Privacy Rights as Tornado Cash Developer Awaits Verdict2025-08-05 09:18:17
- Tom Lee’s BitMine Adds Another 208K ETH, Treasury Tops $3B as Ethereum Surges2025-08-05 08:10:51
- Philippine SEC Flags Ten Unregistered Crypto Exchanges Over Non-Compliance2025-08-05 08:10:09
- MEXC Backs Indonesia’s Crypto Exchange Triv at $200M Valuation to Expand Southeast Asia Footprint2025-08-05 07:33:55
- Payment Processor Remitly Plans Stablecoin Rollout for International Transfers2025-08-05 06:47:12