The CEO of the exchange Bitsonic has been sentenced to seven years in prison
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."