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 | submitted by kjonesatjaagnet to JAAGNet [link] [comments] 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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One of Korea's largest cryptocurrency exchange is under investigation after the Seoul Metropolitan Police found evidence of wash trading of over 99% of its volumes. According to local reports fro South Korean Crypto Exchange Coinbit Seized Over Allegations of Massive Wash Trading Aug 26, 2020 at 09:35 UTC Updated Aug 26, 2020 at 13:53 UTC Gangnam, Seoul (CJ Nattanai/Shutterstock) 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 Korean police have reportedly seized local crypto exchange Coinbit for allegedly inflating trading volumes. According to the Seoul Shinmun, report, crypto exchange Coinbit’s offices have been raided for the alleged fraud by authorities. The crypto exchange is being accused of using multiple “ghost accounts” to inflate trading volumes. Police in South Korea has seized Coinbit, the third-largest cryptocurrency exchange in the country, over allegations of wash trading activity, amounting to over 100 billion WON ($84 million) in faked income. A local newspaper in Seoul reported Wednesday that the Seoul Metropolitan Police Agency’s Metropolitan Investigate Department raided and confiscated Coinbit’s headquarters in Gangnam
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