Coinnest Crypto Exchange CEO Arrested for Fraud and also Embezzlement – Bitcoinist.com

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The CEO of prominent South Korean cryptocurrency exchange Coinnest has actually supposedly been apprehended after siphoning customer funds right into his very own account.


Fraud and also Embezzlement

According to a record from Maeil Business Newspapertoday (using Reuters), workers of South Korea’s 5th biggest cryptocurrency exchange, Coinnest, “ were apprehended on Thursday about the claimed embezzlement of properties. ”-LRB- *****).
ZDNet recordsthat the people apprehended are CEO Kim Ik-hwan and also an additional elderly exec– both on fees of scams and also embezzlement after having actually apparently taken funds from consumer accounts.

The detention of Coinnest workers stands for the very first time South Korea, the globe ’ s third-largest cryptocurrency trading nation, has actually apprehended workers of a cryptocurrency-related service.

At press time, South Korean authorities have actually not talked about the issue, neither has Coinnest.

Cracking Down

South Korean detectives are additionally supposedly taking a difficult check out a different online money exchange in the nation, which is additionally believed of criminal task. The 2nd exchange in inquiry is presently unidentified.

South Korea has actually currently revealed its objective to punish deceptive and also unlawful task in the electronic money industry. In March, authorities plundered 3 prominent cryptocurrency exchanges— which followed regulative actions were passed which requires much more openness compared to was formerly the situation.

As kept in mind by ZDNet, “ The Blue House, Korea ’ s equal to the United States White House, claimed the nation will certainly look for to boost openness in cryptocurrency trading by destroying unlawful tasks ”– implying it “ will certainly focus on openness in trading of online money within the limits of the present regulation, and also obstruct unreasonable and also unlawful tasks. ”-LRB- *****).
The nation will certainly not, nonetheless, block cryptocurrencytrading.

South Korea

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