That probably has to do with korean law, because there are way more exchanges that are faking their volumes.
I have at least 5 that pop into my head, but i don't wanna say names because you need to have evidence for that.
But let's hope that more countries start to punish those fake volume exchanges just like korea.
Topic: South Korean Exchange Coinbit Arrested For Fake Volume (Read 463 times)
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.
Imagine that, so if it's true then 1% of the current volume reported per https://coinmarketcap.com/exchanges/coinbit/ is only over $2 million.
This is a good initiative by the authorities, I'm sure there's a lot of exchanges that are doing the same deception to the people, and their business should be close so the risk will be reduce in the space.
What CMC did (https://coinmarketcap.com/rankings/exchanges/) ranking the exchanges using different factors to determine its real volume is great, now we can avoid from using the exchanges that are faking their volume, but they should also not exempted in facing the consequences of their illegal actions.
I don't have enough evidence to backup my claims, I would have like to mention some of this exchanges with no volume and wash trading. This activities has been going on for long time and some of these exchanges are making traders believe their exchange worth giving a try. When you trade with market order, you will realize that most of their order book isn't actually what displayed and its making traders loss.
And I bet they are not just the exchange out there who does it. 
Whoever reported it must be one of its competitors in the same industry.
Take out one and somehow it could boost your own.
Copy the fake volume and number of traders then you are on top. Just slide some money with the authority.
Whoever reported it must be one of its competitors in the same industry.
Take out one and somehow it could boost your own.
Copy the fake volume and number of traders then you are on top. Just slide some money with the authority.
Coinsbit has always been a suspicious exchange, they make promises and never keep to it. These fraudulent exchanges are the reason why some traders make a wrong choice by trying to trade on them and end up been disappointed. Why not build a system to last!
There can be a number of reason why people are choosing these exchanges including the fake volume and the limit they can trade and withdraw without verifying the account but faking the volume is a serious issue and it is catching up when the authorities start monitoring their trade books i expect more exchanges getting into trouble. 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.
This is the only aspect i like about regulation, you cannot fake your trading volume and you are not able to manipulate anything and if you do it will have repercussion that will land the individual or the team behind bars and it is a great news that an exchange who thought they would get away with these common practices in the cryptocurrency space would land them in trouble eventually as regulations and the government start keeping a closer watch and hopefully we could get rid of these fake volumes and manipulations from exchanges in the next couple of years.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.
If other governments will follow this initiative, we will be seeing more of these crypto exchanges go down in history. Now, I am wondering in what jurisdiction is P2PB2B under? I hope this is a warning to these exchanges that are heavily practicing wash trading in their platform just to give false image about their trading performance. But unfortunately, a lot of these exchanges are licensed in Estonia or other small countries that have very loose regulations when it comes to crypto.
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.
This is the only aspect i like about regulation, you cannot fake your trading volume and you are not able to manipulate anything and if you do it will have repercussion that will land the individual or the team behind bars and it is a great news that an exchange who thought they would get away with these common practices in the cryptocurrency space would land them in trouble eventually as regulations and the government start keeping a closer watch and hopefully we could get rid of these fake volumes and manipulations from exchanges in the next couple of years. 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.
Coinsbit has always been a suspicious exchange, they make promises and never keep to it. These fraudulent exchanges are the reason why some traders make a wrong choice by trying to trade on them and end up been disappointed. Why not build a system to last!
This is really a new one, actually it's my first time of hearing such and to be frank as well it is a good one because this will keep a good number of exchanges in check. Although there are many exchanges still doing this, but this is actually a good step, because I believe it is better to have few trustworthy and reliable exchanges than having a whole lot of exchanges with nothing to offer than fake volume. Nevertheless, I hope in the light of this, investors assets are safe, because it will be bad if there assets are tampered with.
I am surprised that the police check the trading volumes of cryptocurrency exchanges and take adequate measures against violators. I think that the issue of possible concealment of income and, consequently, non-payment of taxes will be resolved here.
Coinmarketcap reacted very quickly to this news, making a warning sign for Coinbit.
-snip-
I doubt this has anything to do with faking the volume to save people from getting ripped off. Like I said before, one of the reason was that they were reporting fake income with those fake volumes. So I think it has something to do with money laundering and evading tax.Coinmarketcap reacted very quickly to this news, making a warning sign for Coinbit.
-snip-
And when it is about money laundering to evade tax, the government will do anything to stop you and get the tax money. After all, two things are inevitable as soon as we are born - death and tax. No matter how hard you try to evade your taxes, the taxman will eventually catch you up. I am surprised most of the people over here are thinking that the government was protecting their people LOL.
South Korean Exchange Coinbit Arrested For Fake Volume
Most if not all. Bithumb, Upbit, ... I remember from Monero volume. Bithumb had tins and i dont know even one Korean to help develop Monero or be enthusiastic about it. It was all fake. And I am sure is with all South Korean exchanges. 90% or even more is fake volume. People that use crypto live in Europe and North America. Elsewhere are just few.
Luring people to into trading by taking volume in order to rank high in crypto ranking site is a criminal offense which many websites are guilty of this. Only if some of other known exchange that do fake volume can be handled in such manner, it will increase the trust and confidence we have for few exchanges that don't fake volume
Wash trading and reporting fake volume is a criminal offense? I didn´t know it, but how the other exchanges do that that they still operate even everyone knows that they do it? List of exchanges with fake volume: P2PB2B, Latoken and Bithumb.
they don't have office in South Korea that's how they do it. but i'm also interested to know the offense and what the law says that it considered a criminal offense in the country. the country seem very serious about cryptocurrency. i've seen a report about the country's financial status and how cashless transaction evolve which is very much like a dream place for a crypto user, every thing is done through phones.
Arrested? I really didn't know that people could be arrested for something like this, that doesn't only tell us that there are laws against it but it also tell us that Korea really cares about crypto for real. In my country there are local exchange websites that allows you to trade fiat and bitcoin with other people, and they are faking their volume by a million mile and not only nothing happens to them, I am pretty sure nobody even cares about it as well, well customers do but not the officials who would arrest them for such a thing.
It is a great thing that Korea is actually going into this knowing full on well how much they care about bitcoin and crypto, they have always been a high tech part of the world, I believe it is quite awesome that they are always adopting the most recent technology.
It is a great thing that Korea is actually going into this knowing full on well how much they care about bitcoin and crypto, they have always been a high tech part of the world, I believe it is quite awesome that they are always adopting the most recent technology.
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/
Although i hope investor funds and deposits will be safe there but if we analyse the situation closely market did required similar action long ago because most of the exchanges were doing this. I hope now exchanges will become honest and professional and will come up with neat, transparent and efficient platform with real volume otherwise such exchanges and people behind them should be trialed. 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/
Wash trading and reporting fake volume is a criminal offense? I didn´t know it, but how the other exchanges do that that they still operate even everyone knows that they do it? List of exchanges with fake volume: P2PB2B, Latoken and Bithumb.
It is ridiculous how these exchanges are always forcing things and taking their volumes to mislead investors, it’s very bad. At the end they are now the ones that are regretting, they have been caught by the government and this will serve as a lesson as other exchanges there that are planning to do the same, you don’t just deceive people like that and go free.
Instead of inflating their trade volume, they should have just put in some hard work and money to promote their platform and attract more investors instead of faking everything, because all these faking trade volumes wouldn’t get them to no where, so it doesn’t make any sense.
Instead of inflating their trade volume, they should have just put in some hard work and money to promote their platform and attract more investors instead of faking everything, because all these faking trade volumes wouldn’t get them to no where, so it doesn’t make any sense.
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/
It's a good action by South Korean Police because fake volume is so illegal that lead investors to misguidance. Not only Coinsbit exchange is associated with such heinous activities, but also Kucoin, Probit, Vindax and other exchanges use bot to make fake volumes that i am facing when trading there. Such exchanges should be punished to stop this fake activities.
It's not bad that south Korean government are now tackling crypto exchanges in their countries, I expect many other countries to join this type of strict regulations against exchanges with fake volumes and wash trading, the next one on my list is p2pb2b exchange band exmarket.
In my opinion what is the South Korean government doing is because they have already taxed crypto so that the exchange is audited and through the audit it will be seen that they committed the crime.
Many other exchanges are doing the same thing, it's just that they operate in countries that are not too concerned about crimes in crypto that exchanges commit via fake volumes.
Many other exchanges are doing the same thing, it's just that they operate in countries that are not too concerned about crimes in crypto that exchanges commit via fake volumes.
Looks like exchanges from South Korea and other shady exchange will be more careful about there schemes now, It's a good thing that authorities started their move on busting this exchanges who are doing this kind of scheme even though it takes them long enough but it's alright since investigations and procedures are required on a bust like this. This could be a sign that they are being more serious in cryptocurrency, This could be a stepping stone in crypto adoption in South Korea.
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.
Indeed, crypto being decentralized in nature is vulnerable to exploit and manipulation of certain third party services such as exchanges. I do agree with crypto regulation in order for the crypto industry to establish a more friendly, more trusting environment especially in field of investment.
This is really one good action of the authority and I hope other who practiced wash trading will be the next to get raided.
I'm so satisfied with this decision from the south Korean government , this is one of the few ways to bring back trust into crypto space and I hope that other crypto exchanges will learn never to engage in using fake volumes
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.
Indeed, crypto being decentralized in nature is vulnerable to exploit and manipulation of certain third party services such as exchanges. I do agree with crypto regulation in order for the crypto industry to establish a more friendly, more trusting environment especially in field of investment.
This is really one good action of the authority and I hope other who practiced wash trading will be the next to get raided.
Why can't all authorities act this way and busting all the exchanges that are obviously doing these stuff, there are thousands more exchanges in the list that somehow enticing traders to go to their website. The ones that did IEO for the last 2 years in crypto must have been doing it. They've been ranking up all the time before Binance bought CMC.
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.
not all exchange is regulated and have license so it's hard to happen in addition that every country has different set of rules when having a business like crypto exchange so its not possible to happen to every country. Also other exchange want to be anonymous so they are running it illegally without license.
Excellent initiative by authority south korea, - his i have been meaning heard many project who falsified the data his volume, but i unconvinced because i did not can prove his, with the news me the there are still many who performs cheating
They should have to pay for it from being liar, creating fake volume just to attract traders? They have got what they want and a big thanks to the police for their response to the complaints. I have to think that the authorities now are giving much attention to scammer, frauds, and any act of illegalities that is usually found online.
It is the unlucky day for the Coinbit exchanger and those people behind this site. They deserve it.
It is the unlucky day for the Coinbit exchanger and those people behind this site. They deserve it.
Impressive what the South Korean police has done to supress these kinds of exchanges that uses fraud to achieve their goal of making big bucks. Now they won't be able to use their money and that is a lot of money. If the government continue to make drastic moves to topple fraud in cryptocurrency in their country then it might be a good factor to attract cryptocurrency investors from all over the world, to use South Korean products like the exchanges - provided they allow it.
It's actually quite surprising that an exchange can be arrested for fake volumes when it's a practice that almost every exchange is guilty of and that has made it more like a norm in the cryptocurrency space. I feel this move is good as it would help to make exchange cautious of their activities and understand that fake volume is an offence.
yes they can because its like fooling the people to use thier exchange and the exchange can only benefit the most not the users . i agree on you , fake volumes are not new on this space but it always been talked about but only few have been found guilty , there are still exchange that are legit but only been accuse to destroy thier reputation . its better for this exchange to shutdown , so that it will be an example to those that will commit it
It's actually quite surprising that an exchange can be arrested for fake volumes when it's a practice that almost every exchange is guilty of and that has made it more like a norm in the cryptocurrency space. I feel this move is good as it would help to make exchange cautious of their activities and understand that fake volume is an offence.
Great to see this move. I hope crypto exchanges come under the law and regulations like the stock exchanges are under. This would massively increase the number of people investing in crypto currencies.
South Korean government has done a great job and set a great explore by taking massive actions towards such fake exchange. I think it would be great if all the government bodies will contribute to finding such scammers from the various places in the world.
I sincerely never thought that fake volumes on exchanges is a criminal offence until now. I guess south Korea must be a very disciplined country to array the ceo of the exchange. Most exchange I know, use fake volumes and this has been going on since the inception. I hope other exchange learn from this and endeavour to be totally open
Between the secuirty forces busting shady exchanges on a monthly basis, the regulatory framework with crypto tax at 20% [1] which is honestly low when compared to many other countries, and even the bankers jumping into the crypto bandwagon[2], things are looking good for crypto adoption in this country
1. https://cointelegraph.com/news/south-korea-could-issue-a-crypto-capital-gains-tax-as-high-as-20
2. https://cointelegraph.com/news/four-of-the-top-five-south-korean-banks-to-offer-crypto-services
1. https://cointelegraph.com/news/south-korea-could-issue-a-crypto-capital-gains-tax-as-high-as-20
2. https://cointelegraph.com/news/four-of-the-top-five-south-korean-banks-to-offer-crypto-services
https://coinmarketcap.com/exchanges/coinbit/
I have read the coinsbit information on CMC, Exchange with fake volume deserves legal action because it will cause huge losses to investors. I think all countries should implement this rule to eliminate fake exchange volume.
I have read the coinsbit information on CMC, Exchange with fake volume deserves legal action because it will cause huge losses to investors. I think all countries should implement this rule to eliminate fake exchange volume.
I am surprised that the police check the trading volumes of cryptocurrency exchanges and take adequate measures against violators. I think that the issue of possible concealment of income and, consequently, non-payment of taxes will be resolved here.
Coinmarketcap reacted very quickly to this news, making a warning sign for Coinbit.
https://coinmarketcap.com/exchanges/coinbit/
Coinmarketcap reacted very quickly to this news, making a warning sign for Coinbit.
https://coinmarketcap.com/exchanges/coinbit/
A very tough decision, although I hope that other exchanges will also eventually think about it and get rid of bots that wind up the volume.
I already long time ago understand that this exchange has a lot of fake volume, but it is not clear why government waited so long, and probably just the enemies of Coinbit decided to make problems for their rivals, now Coinbit will understand that u can be punished for fake volume.
I think its simply because many people complaining to the government and the government are taking action. but in fact any exchanges that manipulate their volume should be punished. but I only expect this to happen only in east asia countries where the laws are very strict and so many regulation with real punishment. There has been so many cases where manipulators or people who did something borderline criminal within exchange or crypto being detained in east asia. They are really good when it comes to imposing strict rules.
I already long time ago understand that this exchange has a lot of fake volume, but it is not clear why government waited so long, and probably just the enemies of Coinbit decided to make problems for their rivals, now Coinbit will understand that u can be punished for fake volume.
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.
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.
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.
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.
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. 
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.
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.
I guess coinbit was legally operating in South Korea and was faking the volume.
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. 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.
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
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 this will be a lesson to those exchange who intentionally fakes their volume.
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.
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.
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.
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.
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
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 
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.
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
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.
but the shady manipulative exchange in "other part of world" still going around like nothing happening lol.
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.
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. 
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.
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.
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.
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.
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.
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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