Prosecutors on Friday requested court warrants to arrest four executives of two cryptocurrency exchanges on fraud and embezzlement charges.
Kim Ik-hwan, head of Coinnest, and three others are accused of pocketing billions of won from clients' accounts by transferring the money to their own private accounts, according to the Seoul Southern District Prosecutors' Office. A court review on the request will be held early Friday, it said.
(Coinnest)
They were detained for questioning Wednesday.
Prosecutors raided their offices last month as part of the probe prompted by a complaint filed in January by the financial authorities.
It is the first time for an incumbent chief of a cryptocurrency bourse to be detained as a criminal suspect. (Yonhap)