Reports have revealed that Shin Jin-Uk, Chief Executive Officer of South Korean Crypto Exchange Bitsonic, has been sentenced to another jail for Freud.
Located in Dagu, Shin was found guilty of manipulating trading data and misleading customers. He is already serving a seven-yarn sensation for abuse (about $ 7.5 million) in accumulation, and now a small but still faces more prison time on Serus Skehem.
Business quantity and misleading announcements
For Dagu District Court, Shin used false trading data to pump the Crypto market of Bitsonic Coin (BSC). He promoted “KRW points” to customers with fake declarations through Lumme and Sham Buyback.
Those points funded the actual purchases of bitcoins and atheriums from platform users. Once Shin converted Crypto into an incash, he put money in unrelated firms.
The court found that this cycle converted it about 160 million ($ 115,000) into a sick profit.
The investigators did not do so that Shin also guaranteed the lock-up period to the investors. In fact, neither investment nor interest was promised interest. When the aggrieved President funds, he finds out that the promise was hollow.
First Price Herfer Convocation
In February 2024, the Chief Technology Officer of Shin and Bitsonic, known only by the Nickname BAE, was sent to an eight -year jail for a separate fraud, which included manipulation in the price.
The reports stated that this earrier decision was revealed from a Seoul District Counter that the two officials defined the trade volume. At that time, Shin settled with the two eldest victims, which helped the judge to a light.
The February verdict emphasized that neither BAE was with similar crimes. Judge Seong G-Joon said that his criminal records and restrictions of Shin’s party with major victims weighed in favor of “liberal” approach under South Korean Act.
Nevertheless, large amounts are included -in ₩ 10 billion deposits and recent ₩ 160 million -NDERSCORE scale of these officers.
Question on exchange oversite
For digital asset reports, professionals indicate that the crypto exchange bitsonic position indicates flaws in real -time observation of exchange operations.
Inflamed volume and unacceptable lock-up esserence are like being done without strong on-chain analytics. Customer Trust suffers from a high-profile exchange scam scam every time.
Some traders are already living compulsory proof-of-reservoirs audit and transparent order books to help reduce the abs lesses.
Specially displayed image from Fleta, chart from tradingview
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