March 29, 2024

Korean police accuses Coinbit of fraud

Korean police accuses Coinbit of fraud

Seoul Metropolitan Police seized local cryptocurrency exchange Coinbit.

Popular Korean newspaperthe Seoul Shinmun announced that the offices of the exchangesearches were carried out, and management is accused of fraud. According to law enforcement officers, the exchanger used many “fake accounts” in order to raise the trading volume.

During the police investigation, the exchange suspended operations.

It is believed that about 99% of trading volume on the exchange has been rigged in recent months. This allowed management to make “illegal profits” in the amount of $84 million. 

Recall that South Korean stock exchanges and firms will be subject to stricter regulations starting next year.

Subscribe to ForkNews on Telegram