THELOGICALINDIAN - South Korean badge accept arrested four highranking assembly of two cryptocurrency exchanges including Coinnests CEO They were bedfast on arrest warrants issued afterwards a artifice analysis prosecutors said The admiral are accused of embezzling funds acceptance to barter and may face added accuse
Also read: Three South Korean Crypto Exchanges Raided for Diverting Funds
Suspects Transferred Billions of Won to Their Accounts
Police admiral and prosecutors in Seoul appear they accept bedfast four admiral of two South Korean cryptocurrency exchanges. Kim Ik-hwan, co-founder and CEO of Coinnest, and the added three suspects were taken in aegis on Wednesday. A bounded cloister has issued warrants for apprehension for up to 48 hours, the Seoul Southern District Prosecutors’ Office confirmed.
The detainees accept been accused of appointment funds account billions of Korean won from clients’ accounts to their own, Yonhap bureau reported. According to added Korean account outlets, added accuse may be brought adjoin them, including for violations of the country’s bartering law.
Kim Ik-hwan’s apprehension is the aboriginal arrest of an acting arch of a South Korean cryptocurrency exchange. According to prosecutors quoted by Hanguk Ilbo, addition CEO and two chief advisers are amid the suspects answerable with embezzlement, artifice and abortion to backpack out arbitration of crypto transactions.
Three Exchanges Appeared on the Radar in January
Last ages South Korean prosecutors raided the offices of three cryptocurrency exchanges doubtable of affairs bitcoin with funds acceptance to their customers, as news.Bitcoin.com reported. The searches were conducted afterwards an analysis into apprehensive money transfers.
Authorities bedeviled accounting documentation, alteration receipts, adamantine disks and adaptable accessories from the trading platforms. Law administration admiral accept absent funds were acclimated to acquirement cryptocurrencies on added exchanges. According to after reports, the companies advised by the Korean Financial Supervisory Service are amid in Seoul’ Yoido district.
A prosecutor said that the three exchanges “turned up on the alarm in January”. The arguable transfers were detected during a collective analysis conducted by the Financial Services Commission and the Financial Intelligence Unit.
Coinnest ranks amid the arch crypto trading platforms in South Korean, with Bithumb and Upbit topping the charts. The barter is beneath accepted alfresco the Asian country. According to Coinmarketcap, Coinnest’s best traded asset is Tron, with added than 52% of the circadian aggregate (over $6 actor USD). Bitcoin is additional with beneath than 20% (>$2.2 million).
South Korea is home to some of the better cryptocurrency exchanges in the world. Trying to advance oversight, Seoul authorities implemented a mechanism to end bearding trading through absolute name character verification. Earlier this year, Korean banking regulators conducted inspections in arch bartering banks, targeting the “virtual accounts” acclimated by crypto exchanges to administer their clients’ money.
Do you apprehend added arrests afterwards the apprehension of Coinnest’s CEO? Share your thoughts on the case in the comments area below.
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