THELOGICALINDIAN - The CEO of highprofile South Korean cryptocurrency barter Coinnest has reportedly been arrested afterwards siphoning user funds into his own account
According to a address from Maeil Business Newspaper today (via Reuters), advisers of South Korea’s fifth better cryptocurrency exchange, Coinnest, “were bedfast on Thursday in affiliation with the declared abstraction of assets.”
ZDNet reports that the individuals arrested are CEO Kim Ik-hwan and addition chief controlling — both on accuse of artifice and abstraction afterwards accepting allegedly baseborn funds from chump accounts.
The apprehension of Coinnest advisers represents the aboriginal time South Korea, the world’s third-largest cryptocurrency trading country, has bedfast advisers of a cryptocurrency-related business.
At columnist time, South Korean authorities accept not commented on the matter, nor has Coinnest.
South Korean board are additionally reportedly demography a adamantine attending at a abstracted basic bill barter in the country, which is additionally doubtable of bent activity. However, the additional barter in catechism is currently unknown.
South Korea has already apparent its ambition to able bottomward on actionable and counterfeit action in the agenda bill marketplace. In March, authorities raided three high-profile cryptocurrency exchanges — which came afterwards authoritative measures were anesthetized which demands added accuracy than was ahead the case.
As acclaimed by ZDNet, “The Blue House, Korea’s agnate to the US White House, said the country will seek to access accuracy in cryptocurrency trading by backyard out actionable activities” — acceptation it “will accent accuracy in trading of basic bill aural the boundaries of the accepted law, and block actionable and arbitrary activities.”
The country will not, however, block cryptocurrency trading.
South Korea’s crackdown on counterfeit action in the basic bill amplitude should not be interpreted as negative, however. The country is still durably absorbed in a adapted cryptocurrency market.
In fact, South Korea’s basic burghal is attractive to become one of the better cities in the apple with its own official cryptocurrency.
Seoul’s mayor, Park Won-soon, proposed the abstraction to barrage a city-wide agenda bill – alleged S-coin – as a agency to armamentarium accessible abundance programs and pay clandestine contractors. Park stated:
How do you feel about South Korea’s added adjustment in commendations to the cryptocurrency market? Do you anticipate removing the space’s bad actors is acceptable for the country? Let us apperceive in the comments below!
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