South Korean Crypto Exchange Coinbit Seized Over Allegations of Massive Wash Tra

[Galaxy]

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

[edmundo]

This is about right and I am disappointed it came a little but too late. One of the most disappointing thing about crypto exchanges and the zero presence of regulations is that it gives these exchanges the power to do whatsoever they want with impunity. The issue of manipulated volumes seems to be present in most cryptocurrency exchanges aside non custodial instant exchanges like ChangeNow and the likes. Most other exchanges have for long continue to manipulate trade volumes to their advantage.