SouthKorean authorities arrest Bitsonic CEO for a $7.6 mln theft
The controversy surrounding Bitsonic echoes the larger impact such scandals can have on regulatory decisions., the CEO of Bitsonic crypto exchange, on charges of embezzling $7.6 million from user funds. The CEO was accused of manipulating Bitsonic’s computer systems from January 2019 to May 2021.
The CEO’s actions appear to have gone beyond market manipulation. Prosecutors claim he stole $7.6 million, a mix of cash and virtual assets, to fund his plan. For South Korea, a country heavily involved in the crypto world, these controversies could shape regulatory decisions, investor sentiment, and the overall perception of digital currencies. The unfolding Bitsonic saga uncomfortably reminds investors and crypto enthusiasts of theFounded in 2018 by Do Kwon, Terra aimed to establish a decentralized finance network, utilizing TerraUSD and Luna for a stablecoin system.
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