The alleged connection between cryptocurrency and money laundering still needs solid evidence before it can be proven. Even though various regulators around the world tend to claim Bitcoin and altcoins are mainly used for laundering money and fraud, there has been very little evidence to make this claim stick. In the case of CoinNest CEO Kim Il-Hwan, that situation may be a bit different.
Police officials arrested the executive earlier this week. It is believed that Kim and a few of his colleagues siphoned funds out of customer accounts and moved them into their own. This type of activity is illegal in every country, and it was only a matter of time until the truth came to light.
With South Korean officials taking a very close look at cryptocurrency exchanges these days, any irregularities will come to light fairly quickly. Even though most people may assume cryptocurrency is anonymous, that is usually not the case for the top coins right now. Bitcoin, for example, lacks both privacy and anonymity features, as its blockchain is an open book full of digital breadcrumbs which anyone can follow....
https://themerkle.com/coinnest-ceo-arrested-on-suspicion-of-stealing-customer-funds/
Topic: CoinNest CEO Arrested on Suspicion of Stealing Customer Funds (Read 228 times)