A Seoul court has sentenced Jinwook Shin, CEO of crypto exchange Bitsonic, to 7 years in prison. The company’s CTO was sentenced to one year in prison. The two executives are accused of manipulating the token they issued, extracting nearly $7.5 million from customers of Bitsonic, a platform that ceased to exist in 2021.
Two crypto exchange executives sentenced to prison
The crypto exchange Bitsonic which closed its doors in 2021, continues its downward spiral. According to information from the South Korean news agency Yonhap, 2 executives have been sentenced by the Seoul Eastern District Court in South Korea.
The CEO of Bitsonic, Jinwook Shin was sentenced to 7 years in prison for fraud, falsifying records and obstructing a computerized business. On his side, exchange’s chief technology officer was sentenced to 12 months in prison for obstructing a business via a computer.
The charges against both individuals are related to the crypto exchange Bitsonic. According to South Korean justice, Jinwook Shin had manipulated the volume of transactions on the exchange Bitsonic between January 2019 and May 2021. In particular, he bought the Bitsonic token with exchange funds and deposited fake cash on the platform.
As a result, the price of the token climbed, attracting several investors. Jinwook Shin seized $7.5 million in customer deposits before closing the exchange in August 2021. He was finally arrested two years later, on August 7, 2023.
The two convicts can appeal their guilty verdicts and sentences to the High Court and Supreme Court. As yet, they have not indicated their intention to appeal. To keep abreast of this case and all the latest crypto news, subscribe to Coinpri.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.