Topic: South Korean Exchange Coinbit Arrested For Fake Volume - page 4. (Read 503 times)
Exchange are known for fake volumes but never heard authorities taking action for misleading customers until today when I read this post. A very good initiative by the South Korean authorities, this incident will caution others to stop using this malpractice which misleads customers.
A very good initiative from the South Korean government.
They should always be paying attention to those exchanges that shows fake volumes as it's very misleading. The other exchanges that's based on South Korean will now start to be true and honest with their volume.
If, they don't want this to happen to them.
They should always be paying attention to those exchanges that shows fake volumes as it's very misleading. The other exchanges that's based on South Korean will now start to be true and honest with their volume.
If, they don't want this to happen to them.
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.
https://www.coindesk.com/south-korea-crypto-exchange-coinbit-seized-allegations-fraud-wash-trading
Coinbit https://coinbit.co.kr/ not Coinsbit https://coinsbit.io/
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.
https://www.coindesk.com/south-korea-crypto-exchange-coinbit-seized-allegations-fraud-wash-trading
Coinbit https://coinbit.co.kr/ not Coinsbit https://coinsbit.io/
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