Arrest Warrants Denied for Former Winners Coin Executives in Alleged 'Scam Coin' Case

IconCryptoNewsTerminal Staff10 Jul, 2024

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Arrest Warrants Denied for Former Winners Coin Executives in Alleged 'Scam Coin' Case

The Seoul Central District Court in South Korea has denied arrest warrants for three former executives of Winners Coin, including its former CEO, Choi. The executives were suspected of fraud under the Aggravated Punishment of Specific Economic Crimes Act. The Seoul Metropolitan Police Agency had requested the arrest warrants on Jan. 24, alleging that the executives had sold a "scam coin" by illegally raising funds during the coin issuance process. However, the court dismissed the warrants, saying that it "was difficult to acknowledge the reason and necessity for arrest at this stage." This case highlights the ongoing challenges in regulating the cryptocurrency industry and protecting investors from potential fraud.

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