CEO of Crypto Exchange Faces Seven-Year Sentence for Scamming Customers out of Millions: Report
South Korean authorities have reportedly convicted two high-ranking executives of the cryptocurrency exchange Bitsonic.
In a trial held at the Seoul Eastern District Court, Bitsonic CEO Jinwook Shin received a seven-year prison sentence for allegedly defrauding exchange users. Shin is accused of manipulating the price of Bitsonic’s native token between January 2019 and May 2021. And establishing a paper company to inflate the platform’s sales and operating profit. The court also sentenced Bitsonic CTO Bae Mo to one year in prison for his involvement in creating and operating a computer program. Aimed at manipulating the exchange’s token price.
Chief judge Lee Jong-chae stated that Mo. Acting under Shin’s instructions, did not hold a leading role in the overall scheme. Lee emphasized that such actions undermine the credibility of virtual exchange assets.
Clever Robot News Desk 9th February 2024
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