Satoshi Nakamoto Blog
Image default
cryptocurrency exchanges Exchange NEWS story Upbit

Crypto Exchange UPBit Accused of Faking Over $200 Billion in Trading Volume – Bitzamp


The executives of UPbit, one of South Korea’s largest cryptocurrency exchanges, have been formally charged by the country’s prosecutors.

Specifically, the senior Upbit executives including the founder Song Chi-Hyung were charged with making fraudulent transactions between September and December last year by prosecutors in Seoul.

They were also alleged to have inflated trading volume figures by using a fabricated corporate account to make falsified orders. This was with the intention of attracting more clients to the South Korean cryptocurrency exchanges.

The case was brought to the country’s prosecution by the Financial Services Commision (FSA). 

As part of the investigation into the proceedings, the Korea Times reports two senior executives from Dunamu and one Upbit employee have been indicted, but not detained

According to prosecutors, UPBit has also sold 11,550 BTC to about 26,000 users, which helped it earn 150 billion KRW ($133.5 million).

“I’m worried about investors who may lose money in this market because of exchanges like Upbit. We need a way to make the market and the industry fair and transparent,” Korean Times quoted an FSA official.






Source link

Related posts

One step from ETF, one step from bitcoin – Irish Tech News

satoshi

XRP Daily Price Forecast – November 21

satoshi

Analyst Suggests Usage of Crypto Tokens on DApps is Minimal, Raising ConcernsAnalyst Suggests Usage of Crypto Tokens on DApps is Minimal, Raising Concerns

satoshi

Six Arrested in Illegal Crypto Mining Operation

satoshi

Fortune Says Ripple is One of the Best Companies to Work in the San Francisco Bay Area Out of 70

satoshi

Mark Karpeles Fails to Halt US Court Case Over Mt Gox Losses

satoshi