bitsonic

ChainCatcher news, according to DigitalAsset, a representative of the South Korean cryptocurrency exchange Bitsonic has been sentenced to 6 months in prison for involvement in a fraud case amounting to 100 million won. Previously, this representative had been sentenced to 7 years in prison for another fraud case. This fraud involved inducing trades through false announcements, artificially inflating the trading volume and market value of Bitsonic Coin (BSC), thereby defrauding customers of a total of 160 million won.

According to ChainCatcher news, the Seoul Eastern District Court's 12th Criminal Division sentenced Bitsonic CEO Shin Woo (41 years old) to 7 years in prison on the 6th, as reported by Yonhap News Agency. He was charged with fraud, forgery and use of electronic records as stipulated by the Specific Economic Crimes Punishment Act, and obstructing business using a computer. The Chief Technology Officer (CTO) of Bitsonic was also sentenced to one year in prison for obstructing computer work.The court stated: "The defendant used his position as an operator and manager of the exchange to disable the basic information processing functions of the virtual asset exchange, creating the illusion of increased trading volume through normal transactions." The court also added that the defendant "defrauded numerous victims of over 10 billion won for a long period of time through false Korean won transactions."

ChainCatcher news, the South Korean prosecution has charged the CEO of the cryptocurrency trading platform Bitsonic with embezzling 10 billion won (approximately 7.6 million USD) in investment funds and margin, and arrested and prosecuted him on August 7. Additionally, the prosecution has charged the Vice President of Technology at Bitsonic with obstruction of justice and has referred him for trial.According to the prosecution's investigation, the CEO of Bitsonic falsely manipulated computers from January 2019 to May 2021 to inflate the prices and trading volumes of virtual assets, and concealed the facts when unable to meet investors' withdrawal requests due to losses, transferring 10 billion won in cash and virtual assets by selling cryptocurrency locking products to other clients.