[Korean Exclusive News]
Author: Shin Yi Jin, South Korea
Kim In-Hwan, the CEO of Coinnest, was arrested for suspected defraudation of several ten billion KRW by collecting them from crypto investors and depositing them in an employee’s personal account. In his first trial on 31st May, he admitted several fact relevance but claimed that he had no intention of defrauding.
Before the trial began, preparation of the trial was held at Seoul Southern District Court against 3 accused, including the CEO and 2 of his employees, for suspected charges of fraud and business embezzlement. Preparation of the trial is a pretrial arrangement for prosecutors and lawyers to discuss on the main issues and the methods of evidence examination during the actual trial.
During the actual trial, the lawyer denied that, “it is not true that the accused had ever planned or executed defrauding against their customers although we admit that there is some fact relevance to other criminal charges.”
The accused also claimed that, “(they) had the intention to provide cash upon payment requests by the investors and it was possible. In fact, cash payments were carried out without any troubles.”
On the other hand, the prosecutors claimed that, “the text messages clearly show that the accused had the intention of using the margin for personal use” and that, “if the accused planned to use the margin for company use, there should have been some form of accounting management done, but none was done in this case.”
Prior to the trial, the prosecutors began investigations on the accused for not performing their role of connecting the seller and buyer of cryptocurrencies but instead transferring their assets to an employee’s bank account.
The next trial is scheduled to be held on 2nd July at 10:30.