South Korean Crypto Executives Arrested For Embezzlement and Fraud
Four executives from two South Korean Cryptocurrency exchanges were arrested on thursday and are being questioned in connection with the alleged embezzlement of billions of won, prosecutors said.
One of the executives arrested was Kim Ik-hwan, CEO of Coinnest, the fifth largest crypto exchange in South Korea. The other suspects were not identified.
The Seoul South District Prosecutor’s Office said that Kim Ik-hwan, the CEO of Coinnest, South Korea’s fifth-largest cryptocurrency exchange, and another head of a different cryptocurrency exchange were under their custody, along with two other executives at the exchanges.
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