Bitsonic chief sentenced to 7 years for crypto theft in South Korea
A South Korea n court has sentence d the CEO of crypto exchange Bitsonic to seven years behind bars for stealing 10 billion won ($7.5 million) worth of customer deposits, while its tech chief will spend a year in prison. Arrested in early August, chief Jinwook Shin was accused of manipulating crypto prices and trading volumes on Bitsonic, and stealing user investments. He was indicted on charges of fraud, forgery, and obstruction of business by computer. Bitsonic’s VP of technology, referred to as Mr. A, was indicted on charges of obstruction of business by computer. He was accused of creating and running a program that allowed Shin to manipulate the system in his favor. On Wednesday, South Korean outlet Yonhap News reported that the duo had received a combined eight years in prison. According to the Seoul Eastern District Court, Shin and Mr. A are “avoiding responsibility and showing no remorse.” A “significant amount” of the stolen funds have not...