South Korean authorities charge Coinbit executives with market manipulation

posted about 2 months ago
Police authorities in Seoul have reportedly brought charges against crypto exchange Coinbit’s chairman and two unnamed executives. The country’s prosecutors are preparing a case against the executives, claiming they engaged in market manipulation.

From August 2019 to May 2020, police allege the executives used a ghost account to blow up transaction volume and alter coin prices. This fraud earned the executives around 100 billion won ($84 million) in wash trading profit.
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