The South Korean crypto scene is once again shaken. Shin Jinwook, CEO of the now-defunct Bitsonic exchange, has received an extended prison sentence after being found guilty of a $72,000 fraud involving the platform’s native token, BSC. This new conviction adds more time to the seven-year sentence he’s already serving for a previous multi-million dollar embezzlement.
🔍 Fake Coin, Fake Profits
The Bitsonic Coin (BSC) was supposed to be the exchange’s flagship token. Instead, it became a tool for manipulation. Shin reportedly inflated BSC’s trading volume and price through fake transactions and misleading announcements to lure unsuspecting investors.
He used the funds—along with counterfeit Korean won deposits—to purchase Bitcoin and Ethereum, which he then cashed out and invested in unrelated companies. According to the court ruling, customers were defrauded of at least 160 million won.
🔒 History Repeats Itself
This is not Shin’s first conviction. In August 2023, he was sentenced to seven years in prison for embezzling 10 billion won ($7.5 million), manipulating trading volumes, and falsifying records on the exchange between 2019 and 2021.
His scheme unraveled when investors were unable to withdraw their funds, eventually revealing that Shin had diverted the money to his personal accounts.
👨💻 The Tech Accomplice
Shin didn’t act alone. His tech VP, known only as “Mr. A,” developed software that artificially boosted the BSC token’s price by purchasing crypto owned by Shin himself. Mr. A received a one-year prison sentence for his role.
🏦 The Fall of Bitsonic
Bitsonic was launched in 2018 and offered trading in both Korean won and cryptocurrencies. It attracted investors with promises of profit sharing and rewards for staking its native BSC token.
But in August 2021, the platform suddenly shut down, citing “internal and external issues.” In reality, it was a collapse of trust and liquidity, leaving users unable to withdraw their funds.
❗ The Bitsonic case highlights how even seemingly legitimate platforms can fall hard. And although Shin is now jailed for the second time, one question remains—how many similar crypto scandals are still hiding beneath the surface?
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