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CEO of Coinnest arrested for fraud along with three others.

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The police of South Korea have taken into confinement four eminent officials of two Crypto exchanges, including the Chief executive officer of Coinnest. They were put under custody after a fraudulent inquiry. The accused officials are censured of stealing trusts that belonged to the clients and may have additional charges pressed against them.

 
The CEO of Coinnest is one among the four arrested officials, accused of dealing in fraudulent activities. The Police has stated that they have kept in custody four executives of two prominent crypto exchanges. Kim Ik-hwan, co-founder and Chief Executive Officer of Coinnest, along with the three other officials were detained on Wednesday for upto forty-eight hours.

The executives are accused of stealing the funds of their clients which are worth billions. According to Yonhap, a media news agency, additional charges will be pressed against these official in all probabilities, for tampering with the country’s commercial laws.

Three Exchanges  raided  in January. 

It was only two month ago that the South Korean authorities raided three crypto outlets in suspect of buying bitcoins with the customer’s funds. The transfer details, electronic devices and all forms of documents were taken by force by the authorities.

A prosecutor stated that the three exchanges “turned up on the radar in January” and the money transfers were found during an audit, carried forward by the Financial Services Commission and the Financial Intelligence Unit.

South Korea is the origin to some of the most important crypto exchanges. They have by far, made a huge successful business in the Industry. The Seoul officials have attempted all modes of mechanisms to end the anonymity of the traders and implemented the rules to trading through their real identities. In the beginning of 2018, the financial regulators of Korea inspected the banks to investigate the issue of virtual accounts used by exchanges.

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