Coinnest CEO Arrested Today! BREAKING NEWS

SEOUL, South Korea (AP) - South Korea's Seoul District Prosecutors' Office said on Monday it had arrested an executive officer of Kim Il-hwan, co-founder of Coin Nest, This is the first time a representative of the Korea Exchange has been arrested.

Prosecutors believe that they have taken out the money of their virtual currency trading customers as accounts of the exchange's representatives or officers.

The prosecution plans to demand a warrant of arrest for Kim, The Seoul Metropolitan Government's Financial Investigation Division 2 (Chung Dae-jung, General Inspector) searched three virtual exchange exchanges in Yeouido for three days starting on December 12. Coinest was also included in the search.

Prosecutors obtained data on accounting at these virtual currency exchanges and went into the analysis for 20 days. In the process, it was reported that he caught the alleged crime of Coinest and arrested him in an emergency.

The prosecution is investigating another virtual currency exchange that has invested after collecting funds by cheating ordinary people in the name of virtual currency investment. The Korea Block Chain Association said, "Coin Nest is a company that has already resigned before the investigation."

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