Bitsonic CEO Jinwook Shin has been sentenced to seven years in prison for stealing $7.5 million worth of customer deposits, while the crypto exchange's technology chief received a one-year jail term. The Seoul District Court found Shin guilty of fraud, forging and falsifying records, and obstructing a business via computer. The court said trust in crypto exchanges had been "greatly damaged" by the pair, who were "avoiding responsibility and showing no remorse." Bitsonic closed operations in August 2021, citing "internal and external issues."