The head of the virtual currency exchange Bitsonic was sentenced to imprisonment in the first trial for exaggerating the market price and trading volume of the virtual currency it issued and defrauding customers of about 10 billion won in deposits. The Seoul Eastern District Court's 12th Criminal Division (Deputy Chief Judge Lee Jong-cai) sentenced Bitsonic CEO Shin Moo (41 years old) to seven years in prison for fraud, forgery and use of electronic records under the Specific Economic Crimes Punishment Act, and obstruction of business using a computer. Bitsonic's Vice President of Technology (CTO) Pei Mao (44 years old) was also sentenced to one year in prison for interfering with computer work.
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Bitsonic CEO sentenced to 7 years in prison for "manipulating market prices and defrauding 10 billion won"
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