{"id":82808,"date":"2023-08-09T10:08:16","date_gmt":"2023-08-09T07:08:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82808"},"modified":"2025-09-12T07:17:37","modified_gmt":"2025-09-12T04:17:37","slug":"south-koreas-bitsonic-chief-executive-arrested-over-alleged-7-6m-asset-theft","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-koreas-bitsonic-chief-executive-arrested-over-alleged-7-6m-asset-theft\/","title":{"rendered":"South Korea&#8217;s Bitsonic chief executive arrested over alleged $7.6m asset theft"},"content":{"rendered":"<p>The chief executive of South Korea-based cryptocurrency exchange Bitsonic, Jinwook Shin, was arrested on suspicion of stealing assets worth 10 billion won ($7.6 million). <a href=\\\"https:\/\/www.hankyung.com\/finance\/article\/202308083745B\\\">Local media<\/a> reported.<\/p>\n<p>\\n\\n<\/p>\n<p>According to the case materials, from January 2019 to May 2021 Shin allegedly inflated prices and trading volumes on the exchange to conceal mounting losses.<\/p>\n<p>\\n\\n<\/p>\n<p>Shin allegedly siphoned user deposits totaling 10 billion won ($7.6 million), proceeds from the sale of cryptocurrencies.<\/p>\n<p>\\n\\n<\/p>\n<p>The prosecutors also charged Bitsonic&#8217;s chief technology officer with obstructing official duties, further complicating the platform&#8217;s legal troubles.<\/p>\n<p>\\n\\n<\/p>\n<p>Back in July, the government of South Korea<a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-forms-task-force-to-tackle-crypto-crime\"> launched<\/a> a division to combat cryptocurrency crime. The initiative is driven by a surge in illicit activity in the digital-asset market and a lack of investor protection.<\/p>\n<p>\\n\\n<\/p>\n<p>Authorities also urged crypto exchanges to strengthen <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-urges-crypto-exchanges-to-strengthen-compliance-controls\">compliance controls<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CEO of the South Korean cryptocurrency exchange Bitsonic, Jinwook Shin, has been arrested for allegedly stealing assets worth 10 billion won ($7.6 million).<\/p>\n","protected":false},"author":1,"featured_media":82809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,1154,974],"class_list":["post-82808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-crimes","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82808"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82808\/revisions"}],"predecessor-version":[{"id":82810,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82808\/revisions\/82810"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82809"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}