Knock-knock friends! It's police

May 15, 2018


Arrest Warrants for Crypto Exchange's Employees


Arrest Warrants Issued to Employees of South Korean Crypto ExchangeOn Monday, local media reported that arrest warrants have been issued to employees of South Korean cryptocurrency exchange. "Three of the company's executives, who operate virtual currency trading site HTS Coin, were arrested for fraud and embezzlement," Money Today wrote.


According to the prosecution, Shin [the representative director] and his employees are suspected of taking out money from a bank account to another account.

Arrest Warrants Issued to Employees of the South Korean Crypto Exchange The Crypto Exchange


"The prosecution believes that they have falsified" records and "used the money in the customer's account as a personal account of the exchange," Joongang added.


"All services except Korean won deposits, such as Korean won withdrawals, coin deposits, and coin withdrawals, are operating normally," clarifying:


HTS Coin is currently under investigation by the prosecution and we are working diligently ... Unlike external concerns, we still have 100% of your deposits and coins. We keep customer deposits and coins that can be withdrawn promptly even if all customers request a withdrawal at the same time.

On-Going Investigations


According to Asiae, an "interrogation of the suspects before the arrest, in the southern part of the same day," adding that in March the " HTS Coin was included in the seizure investigation at that time. "


Arrest Warrants Issued to Employees of South Korean Crypto ExchangeJoongang confirmed this report, stating that "prosecutors", "three virtual currency exchanges including HTS Coin, Coinnest, and Komid last March."


The Financial Services Authority (FSC), under the supervision of the Financial Services Commission (FSC) . In March, "Kim Ik-hwan Coinnest ... Kim was handed over to trial last month."


South Korea's largest cryptocurrency exchange. Money Today emphasized, "however, in the case of Upbit, there is no suspicion of embezzlement unlike Coinnest and HTS."


What do you think of the Korean prosecutors going after HTS Coin's employees? Let us know in the comments section below.



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