Detention for Korean Crypto Exchange Execs On Fraudulent Charges
1 min readApr 5, 2018
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CoinNest co-founder and chief executive Kim Ik-hwan has been detained in Seoul with embezzlement and fraud charges, alongside two senior executives and the head of a second unnamed crypto exchange.
Officials are now seeking arrest warrants for the detainees .The executives allegedly moved customers’ digital assets into their personal accounts, worth “billions of won,” according to prosecutors. Coinnest is the country’s sixth largest exchange by trade volume, with around 500,000 registered users as of January. It is the first time the head of a crypto exchange in Korea has been charged.
