Warrants Denied for Former CEO of Winners Coin Amid 'Scam Coin' Allegations

The arrest warrants for the former CEO of Winners Coin and other related parties suspected of involvement in a "scam coin" have been dismissed.

According to the legal community on the 11th, Nam Cheon-gyu, the judge in charge of warrants at the Seoul Central District Court, dismissed the arrest warrants for three Winners Coin officials, including former CEO Choi, who are accused of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, stating, "It is difficult to recognize the grounds and necessity for detention at this stage."

Judge Nam stated, "There appear to be some facts that could be suspected as false exaggeration in the (coin) sales process," but added, "Considering the defendant's claims, the possibility of dispute over the criminal facts, and the fact that the victims and the amount of damage in this case are relatively small compared to the purchase amounts of the coin buyers, I have taken all these into account."

Earlier, the Seoul Metropolitan Police Agency's Criminal Mobile Unit applied for arrest warrants on the 24th of last month, suspecting that they illegally raised funds during the coin issuance process and sold scam coins.

The police conducted a search and seizure of Winners' office in Gangnam-gu, Seoul, and former CEO Choi's residence in April.

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