Crypto CEO sentenced 3 years in jail for faking trading volume

posted 3 months ago
Two executives from South Korean crypto exchange Komid have been handed down jail time for faking trading volume and deceiving investors. The firm’s CEO Hyunsuk Choi received a three-year sentence for his role in the crime, as well as for embezzlement. Another member of the team, Park Mo, got two years.

Choi, the court found, made a number of fake accounts on the exchange in January 2018, and, using a trading bot, made millions of false transactions with cryptocurrency and Korean won credit that did not actually exist. The crime brought in around $45 million in fees. “Choi has committed fraud for a countless number of victims for a long period of time” the judge said.
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