South Korean Court Sends Bogus Crypto Exchange Chiefs to

South Korean Crypto Exchange Coinbit Seized Over Allegations of Massive Wash Trading

Coinbit, South Korea’s third-largest cryptocurrency exchange, has reportedly been seized by police over allegations it faked most of its trading volume.
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Police seize South Korean crypto exchange Coinbit for allegedly inflating trading volumes

Police seize South Korean crypto exchange Coinbit for allegedly inflating trading volumes submitted by TunesMedia to maxbit [link] [comments]

South Korean Crypto Exchange Coinbit Seized Over Allegations of Massive Wash Trading

Coinbit, South Korea’s third-largest cryptocurrency exchange, has reportedly been seized by police over allegations it faked most of its trading volume.
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Police seize South Korean crypto exchange Coinbit for allegedly inflating trading volumes

Police seize South Korean crypto exchange Coinbit for allegedly inflating trading volumes submitted by a36 to AllThingsCrypto [link] [comments]

South Korean Crypto Exchange Coinbit Seized Over Wash Trading Allegations

South Korean Crypto Exchange Coinbit Seized Over Wash Trading Allegations submitted by TunesMedia to maxbit [link] [comments]

South Korean Crypto Exchange Coinbit Seized Over Allegations of Massive Wash Trading

South Korean Crypto Exchange Coinbit Seized Over Allegations of Massive Wash Trading


Image: Ciaran O'Brien - Unsplash
Coinbit, South Korea’s third-largest cryptocurrency exchange, has reportedly been seized by police over allegations it faked most of its trading volume.
According to a report from Seoul Newspaper on Tuesday, local police raided and confiscated the company's Gangnam headquarters and other premises.
Accused of fraud, the firm's owner, Choi Mo, and other managers are said to have artificially inflated volumes on the exchange by using "ghost" accounts to make fake trades, a practice known as wash trading.
In its report, Seoul Newspaper said it had been informed by insiders of corruption at Coinbit months ago and that up to 99% of trading volume was "manipulated" on the platform.
Police allege wash trading at Coinbit had produced over 100 billion won ($84 million) in faked income.
The newspaper said it had put off reporting its findings until the raids at the request of the Investigation Department of the Seoul Metropolitan Government.
An accounting firm had reportedly refused to work with the firm after viewing its books.
Seoul Newspaper said it had seen the books and that 99% of recorded trades could not be associated with deposits or withdrawals.
Originally published by Daniel Palmer | August 26, 2020 coindesk
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South Korean Crypto Exchange Coinbit Seized Over Allegations of Massive Wash Trading

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Police seize South Korean crypto exchange Coinbit for ... #KCN: Binance is entering the South Korean market The Original Bearableguy123 is Back.. Major South Korean Exchange Joins SBI Ripple The leaders of a fake crypto exchange are now behind bars ... South Korean Court Sends Bogus Crypto Exchange Chiefs to ...

Korean cryptocurrency exchanges are still going strong despite facing opposition from the Korean government and banks. Korea still remains one of the top cryptocurrency trade exchange markets. South Korea has become a hub for cryptocurrency exchanges over the past few years. When you add in the fact that the Korean government has embraced Blockchain technology and are looking to support the South Korea's third largest crypto exchange, has reportedly been seized by police over allegations it faked most of its trading volume. South Korean Crypto Exchange Coinbit Seized Over Allegations The Seoul Metropolitan Police Agency has reportedly seized local crypto exchange Coinbit for allegedly inflating trading volumes.The post Police seize South Korean crypto exchange Coinbit for ModernConsensus – South Korean law enforcement searched the offices of major local crypto exchange Coinbit and seized the firm. South Korean law enforcement estimates that Coinbit raked in at least 100 billion won (over $84 million) through its alleged unfair practices. The exchange’s actions are believed to have negatively affected its Seoul police have raided the offices of Coinbit, one of the largest crypto exchanges in South Korea, this morning after they found the firm had used illicit methods to generate trading volume and earn millions of dollars, according to local outlet Seoul News.Coinbit allegedly faked over 99% of its volume using the scheme.

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