South Korean cryptocurrency executives detained

South Korean prosecutors have detained Kim Ik-hwan, chief executive of Coinnest, South Korea’s fifth-largest cryptocurrency exchange, and the head of another cryptocurrency exchange, along with two other executives at the exchanges for alleged embezzlement and fraud.

Prosecutors raided three exchange operators including Coinnest last month and seized their books. They allege that the four executives transferred tens of millions of dollars of customer funds to their personal accounts.

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