The head of the Korean stock exchange CoinNest arrested on suspicion of fraud

CEO of South Korean cryptocurrency exchanges CoinNest Kim IK-hwan, arrested on charges of fraud, reported the press service of the regional Prosecutor’s office in Seoul.

This is the first in South Korea the detention of the head of the company that is associated with cryptocurrency trading. The Prosecutor’s office believes that he translated the digital currency to its customers on its own account, and seeking a warrant for his arrest.

The financial investigation Department of Seoul in mid-March began testing three of cryptocurrency exchanges, among whom was CoinNest, on suspicion of embezzlement of funds of the users.

According to the Prosecutor of the southern district of Seoul, the Supervisory authority drew attention to the cryptocurrency of the company back in January, when prosecutors were investigating suspicious money transfers between exchanges, discovered in the framework of the audit of the financial services Commission and the division for financial intelligence.

Chapter CoinNest resigned to detention. Now the exchange is working normally.

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