South Korean Exchange Coinbit Arrested For Fake Volume - page 3.

carlisle1

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Is this how Strict and functional South Korean authorities regarding crypto?isn't that CoinMarketCapitalization do the same in the past?
but they don't even received suctions?

Well This is what we need in crypto market those damn Fake volume from exchange must be punished and closed so there will be no time that other exchange do the same.

Quote from: Claudio99 on August 27, 2020, 02:44:55 AM

Can't help but imagine if all countries have same regulations as South Korean maybe just maybe crypto space will be less free from fake volume that's so deceiving for new crypto investors and traders combine.

Yups we will be cleared and progressive if the victimizing from this scam exchange will stop,looking forward regarding this in all countries specially those places that has been the safe haven of cryptos.

Claudio99

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Can't help but imagine if all countries have same regulations as South Korean maybe just maybe crypto space will be less free from fake volume that's so deceiving for new crypto investors and traders combine.

elda34b

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Quote from: Genemind on August 27, 2020, 01:27:58 AM

It removed the risk for traders in trading in such platform, but it doesn't secure that they will not lose anything when trading.

Maybe he meant to say that traders would be able to avoid he fake depth so they don't sell in loss (due to the lack of liquidity where a $1k can bring the price down 25% in real-time.

yazher

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This is how it should be regarding this old issue. now they're making them pay with what their frauds have done. Faking volume is a serious matter you know? people often see the volume of tokens or coins before investing in it. the problem with these kinds of exchanges, they don't really care if their investors have bought from them some coins that have some fake volumes circulating on their exchanges. These guys are like those scammers who make falls promises to the investors. it's best that they got caught red-handed with this act so that the other will take heed about doing this kind of method in the future.

adzino

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Good that it has happened. More such shit exchange should be taken down, but unfortunately those shit exchange operate illegally and hide themselves very well.
I guess coinbit was legally operating in South Korea and was faking the volume.

Quote from: bitcoinst on August 26, 2020, 03:36:36 PM

Coinbit, South Korea’s third-largest cryptocurrency exchange, has reportedly been seized by police over allegations it faked most of its trading volume.
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.

But, looks like they were manipulating the volume not to attract more users or pump fake coins. They faked it as "income", so sounds like they were trying to or helping some launder money through their exchange.

Phoenix_PROG

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Quote from: mersal on August 27, 2020, 01:42:31 AM

IMO, most of the exchanges do that but the regulation differs upon countries so many exchanges are not getting any actions for their fake volumes, it is a good news for the trading community but they can move their exchange to other country where regulations are more relaxed and can keep doing it.

I hope other countries will have this same move against all exchanges with fake volume honestly, bad projects are able to hide, pretending things are fine using fake volumes on exchanges and not all new traders and investors can spot fake volumes, it's unfair

mersal

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IMO, most of the exchanges do that but the regulation differs upon countries so many exchanges are not getting any actions for their fake volumes, it is a good news for the trading community but they can move their exchange to other country where regulations are more relaxed and can keep doing it.

Genemind

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I hope this will be a lesson to those exchange who intentionally fakes their volume.

Quote from: Baimovic on August 27, 2020, 01:03:07 AM

the right decision, especially the government in South Korea, thus there will be no more traders who experience losses, especially those who trade on exchange coinsbit (Korea). i have guessed that this exchange is a ponzi scheme or the trading volume there is fake. and at least this result can reduce some of the other exchange scams.

What do you mean no more traders will experience losses? Their government's action doesn't secure trader's income. It removed the risk for traders in trading in such platform, but it doesn't secure that they will not lose anything when trading.

Apostlekin$$$

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It will be very good to see governments going after exchanges with fake volume, moreover all these exchanges are centralized exchanges so they aren't out of reach for the government, many exchanges need to be erased, p2pb2b exchange, exmarket, vindax etc all need to go.

LouVandetta

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A very nice move from their goverment. Ever since like I could remember having a fake volumes or manipulated trades from a certain exchanges are a thing now. I don't know how many are there, but I'm sure there are pretty much the same, especially to boost up a certain coin so it will gain popularity I guess. This thing might be a good example so another exchanges that has a hidden agenda going on would think twice to do their job.

Gorosden

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What?

how is this possible? Almost all exchanges in crypto space use fake volume, I guess this move will be eye opening for other countries too, many more could be arrested, I don't know what to say but I think exchanges should stop supporting projects that has no volume, lack of demand is the reason why some exchanges use bot trade and fake volume

Baimovic

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the right decision, especially the government in South Korea, thus there will be no more traders who experience losses, especially those who trade on exchange coinsbit (Korea). i have guessed that this exchange is a ponzi scheme or the trading volume there is fake. and at least this result can reduce some of the other exchange scams.

bitcampaign

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actually not only coinbit but there are also several exchanges full of bots to create fake trading volumes, but usually it depends on their respective intentions, one of which is to attract people's attention to trade there, it's a more powerful way to attract new users and new traders, but whatever it is, the behavior of the exchange is still wrong

JeffBrad12

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this volume manipulation is so rampant hopefully by these shady exchange owners getting caught by the government atleast they or some new evil people gonna think twice though im very doubtful. when it comes to money some people might go as far as scamming and manipulating.
but the shady manipulative exchange in "other part of world" still going around like nothing happening lol.

benthach

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very good. south korean usually the leader when it come to law and order, just like they jailed their president Park Geun-hye etc.. it is not possible in the u.s or europe countries, their leader is not accountable for anything, example is trump. western countries usually have fake law and order, south korea and japan is the leader in this.

ice18

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Quote from: meanwords on August 26, 2020, 09:57:41 PM

That exchange got too greedy. I know that a lot of exchanges do wash trading but most of them doesn't get caught because of how careful they are and they only wash trade at a certain limit. Imagine wash trading 99% of the profit of the exchange. Good thing the South Korea authorities are vigilant in this type of things and got this misleading exchange down.

Actually its really easy to tell if exchange uses fake volumes just see it at your own eyes trading automatic even if not in orderbook you can see it in trade history many exchanges doing this like Bilaxy, Bikex, Latoken and many more this is the proper way to stop this exchanges immediate closure and confiscate all devices.

dimonstration

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Upbit, probit and otherbit soon. Most of the korean exchanges are faking there volume that’s why most of the coin listed there was pump and dump. They will pump new list coin up to a huge percentage for a short time span then dump same percentage. Koreans are so good on faking volumes to FOMO korean investors. Most of korean investor that I met on telegram are shilling and it makes sense why they used to be on that activity.

Yogee

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Quote from: bitcoinst on August 26, 2020, 03:36:36 PM

....Coinbit https://coinbit.co.kr/ not Coinsbit https://coinsbit.io/

LOL. They can't even come up with a different name.

The exchange is still listed on Coingecko and Coinmarketcap and maybe other platforms but good on them for issuing a warning at the top of the page.
- https://coinmarketcap.com/exchanges/coinbit/
- https://www.coingecko.com/en/exchanges/coinbit

From this case, maybe we should consider asking for the audited books of the company aside from registration and license before we trade there? I'm not saying it's guaranteed that they're not involved in any wash trading if it was reviewed by a reputable third party accounting firm but it can be considered as another layer of security.

meanwords

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That exchange got too greedy. I know that a lot of exchanges do wash trading but most of them doesn't get caught because of how careful they are and they only wash trade at a certain limit. Imagine wash trading 99% of the profit of the exchange. Good thing the South Korea authorities are vigilant in this type of things and got this misleading exchange down.

Tipstar

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That's one good boost for crypto regulations. A unregulated industry doesn't mean you can do frauds and make up false claims. This would surely improve the quality of Korean exchanges making good way ahead for other competitors. Even the largest of crypto exchanges are accused of fake volume and as there are no entity to look over them, they get away with everything they want.

Topic: South Korean Exchange Coinbit Arrested For Fake Volume - page 3. (Read 503 times)