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On Jan. 18, Komid, two officials of the South Korean cryptocurrency purse, was reportedly sentenced to imprisonment for falsifying trading volumes.
The CEO of the exchange, Choi, was sentenced to three years 'imprisonment, while another leader of the unspecified company was sentenced to two years' imprisonment for fraud, embezzlement and misconduct, says the article.
The charges would point to a system in which the exchange simulated 5 million transactions to inflate the volume, which would have earned them $ 45 million. It is also suspected that the company used a bot to automatically create large orders and attract new users. The article quotes the judge saying:
"Choi has committed fraud for countless victims for a long time …. Furthermore [sic], he holds the financial authorities responsible for failing to better follow the industry.
As reported by Cointelegraph last December, Upbit, the largest cryptocurrency market in South Korea, denied allegations that it had manipulated its order book following the indictment of three staff members by the authorities. regulation.
Citing reports from the Seoul District Attorney's Office, the Korea Times said at the time that two senior executives from developer Dunbitu of Upbit and an Upbit employee had been indicted, but not detained. , as part of an investigation into the procedure.
Earlier in the month, Bithumb, a cryptocurrency trading center based in South Korea, also denied allegations of trade falsification.
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