Leaders of Komid crypto exchange arrested for faking volumes
Two representatives of South Korea's cryptocurrency exchange were sentenced for inflating exchange volumes
Choi, the CEO of the Korean crypto exchange Komid, was sentenced to three years in prison, while the other company leader was sentenced to two years in prison for fraud, embezzlement and misconduct.
The stock market falsified approximately 5 million transactions to inflate the volume, which apparently allowed them to earn 45 million dollars. In addition, it is suspected that the company used a bot to automatically create large orders and attract new users.
For his part, the judge who sentenced the men said: “Choi has committed fraud for a number of victims over a long period of time. In addition, he blames the financial authorities for failing to better track the industry“.
These cases are constant in South Korea since Upbit, the largest cryptocurrency exchange company, in recent months denied allegations that it had tampered with its order book, after regulators charged three of its employees. However, the workers were accused, but not detained as part of the investigation carried out on the event.
In addition, the South Korean-based currency exchange, Bithumb, also denied allegations of counterfeiting trade volume.
L.Sáenz
Source: Cointelegraph
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