Bitsonic CEO sentenced to 7 years in prison for "manipulating market prices and defrauding 10 billion won"
The head of the virtual currency exchange Bitsonic was sentenced to imprisonment in the first trial for exaggerating the market price and trading volume of the virtual currency it issued and defrauding customers of about 10 billion won in deposits. The Seoul Eastern District Court's 12th Criminal Division (Deputy Chief Judge Lee Jong-cai) sentenced Bitsonic CEO Shin Moo (41 years old) to seven years in prison for fraud, forgery and use of electronic records under the Specific Economic Crimes Punishment Act, and obstruction of business using a computer. Bitsonic's Vice President of Technology (CTO) Pei Mao (44 years old) was also sentenced to one year in prison for interfering with computer work.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Matrixport: ETH market selling pressure remains strong, and market share has dropped to 10%
Currently, 27 states in the United States have proposed Bitcoin and digital asset bills
Tomorrow Could Be a Big Day for Ripple (XRP) and Solana (SOL) – Here’s What’s Rumored to Happen
If crypto market rumors are true, tomorrow could truly be a turning point for XRP and Solana.
![](https://img.bgstatic.com/multiLang/image/social/2c66287cf06a035500112ae35df01c181739172786623.jpeg)
Trending news
MoreCrypto prices
More![Bitcoin](https://img.bgstatic.com/multiLang/coinPriceLogo/bitcoin.png)
![Ethereum](https://img.bgstatic.com/multiLang/coinPriceLogo/ethereum.png)
![Tether USDt](https://img.bgstatic.com/multiLang/coinPriceLogo/0208496be4e524857e33ae425e12d4751710262904978.png)
![XRP](https://img.bgstatic.com/multiLang/coinPriceLogo/ripple.png)
![Solana](https://img.bgstatic.com/multiLang/coinPriceLogo/solana.png)
![BNB](https://img.bgstatic.com/multiLang/coinPriceLogo/binance.png)
![USDC](https://img.bgstatic.com/multiLang/coinPriceLogo/usdc.png)
![Dogecoin](https://img.bgstatic.com/multiLang/coinPriceLogo/dogecoin.png)
![Cardano](https://img.bgstatic.com/multiLang/coinPriceLogo/cardano.png)
![TRON](https://img.bgstatic.com/multiLang/coinPriceLogo/tron.png)