South Korean crypto exchange UPbit’s executives indicted for fraud

posted 6 months ago
The executives of UPbit, one of South Korea’s largest cryptocurrency exchanges, have been formally charged by the country’s prosecutors. The Prosecutors’ Office of the southern district of Seoul has indicted three senior staff members, including founder Song Chi-Hyung, on charges of fraud.

The executives are alleged to have made fraudulent transactions between September to December of last year, using a fake corporate account to make ~$225 billion worth of bogus orders, to inflate trading volume figures to attract more customers to the exchange.
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