Bitsonic CEO imprisoned a second time for over $70k fraud charge – how far do his crime go?
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
CEO Sentenced for Fraud: Shin Jinwook, CEO of South Korean exchange Bitsonic, received an additional six-month prison sentence after being found guilty of fraud involving over $72,000 through manipulation of the exchange's native token, BSC.
Exchange's Downfall: Bitsonic, which ceased operations in August 2021 due to liquidity issues and customer complaints, was implicated in a larger scheme of crypto-related fraud in South Korea, with authorities reporting around $3 billion in potential fraudulent activities from 2017 to mid-2022.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
