COINBIT – SOUTH KOREA’S THIRD-LARGEST CRYPTOCURRENCY EXCHANGE – REPORTEDLY SEIZED BY POLICE OVER ALLEGATIONS IT FAKED MOST OF ITS TRADING VOLUME

On 26 August, Coindesk reported that local police raided and confiscated the company’s Gangnam headquarters and other premises.  Accused of fraud, the company’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.

https://www.coindesk.com/south-korea-crypto-exchange-coinbit-seized-allegations-fraud-wash-trading

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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