1. BITBILIHome
  2. Article

South Korean crypto exchange  indictment reveals $2.26M profits in coin manipulation

• 60 views

TL;DR Breakdown

  • Four individuals associated with Coinone have been indicted for allegedly engaging in illicit activities to profit from coin listings.
  • The four have been charged with breach of trust and obstruction of business in relation to their alleged market manipulation activities. 
  • Coinone, a significant South Korean crypto exchange with a reported trading volume of $27.2 million in the past 24 hours, has been impacted by these actions.

In a recent development reported by local news outlet The JoongAng, four individuals associated with Coinone, a prominent South Korean cryptocurrency exchange, have been indicted for allegedly engaging in illicit activities to profit from coin listings.

The individuals identified as Mr Jeon, Mr Kim, Mr Ko, and Mr Hwang, who were employees of Coinone, are said to have unlawfully gained over 2.98 billion Korean Won (approximately $2.26 million) during the period spanning November 2019 to December 2022. This incident involved nearly 25% of all tokens listed on Coinone, with at least 46 coins being implicated.

According to prosecutors, Coinone executives and staff members required projects to enter into market-making (MM) contracts with a specific MM company through brokers before their coins could be listed. The purpose of these contracts was to ensure sufficient liquidity and trading volume for the newly listed coins. 

Coinone crypto exchange impacted by the manipulation

However, it is alleged that the recipients of these contracts engaged in illegal activities by artificially inflating trading volume and prices through cross-trading. The executives are also accused of enticing projects to sign the contracts by offering to waive “listing deposits” if they complied.

The four individuals, consisting of two senior executives and two brokers associated with Coinone, have been charged with breach of trust and obstruction of business in relation to their alleged market manipulation activities. Coinone, being a significant cryptocurrency exchange in South Korea, with a reported trading volume of $27.2 million in the past 24 hours, has been impacted by these actions.

Prosecutors have stated that the price manipulation carried out by the accused individuals has led to misconceptions about trading volume and market prices among general exchange members, ultimately luring them into participating in coin transactions and purchasing the manipulated coins

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:South Korean crypto exchange  indictment reveals $2.26M profits in coin manipulation

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月24日 12:54
Next 2023年5月24日 14:36

Related articles

  • Coinbase (COIN) continues strong performance amid regulatory pressure

    TL;DR Breakdown Coinbase’s stock price rises by nearly 6% despite SEC lawsuit concerns, reflecting investor confidence. The company repurchases $64.5 million worth of Convertible Senior Notes at a discount, showcasing its commitment to shareholder value. Coinbase reports a smaller net loss and a surge in subscription revenue, indicating a rebound after a challenging year. Description Coinbase, the largest cryptocurrency exchange in the United States, saw its stock price climb nearly 6% over the past week, defying the overhang of the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC). Despite regulatory uncertainties, Coinbase’s stock closed the week’s session at $55.59, marking a 5.93% increase. Since the SEC’s announcement of … Read more Coinbase, the largest cryptocurrency exchange in the United States, saw its stock price climb nearly 6% over the past week, defying the overhang of the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC). Despite regulatory uncertainties, Coinbase’s stock closed the week’s session at $55.59, marking a 5.93% increase. Since the SEC’s announcement of the lawsuit on June 6, the stock has risen more than 7%,…

    Article 2023年6月21日

  • Binance Resolves SEC Dispute, Looks to the Future with Confidence

    TL;DR Breakdown Binance CEO expresses relief as the company resolves the dispute with the SEC. The company remains committed to operations and ensures the safety of user funds. Description In a significant turn of events, Binance, the world’s leading cryptocurrency exchange, has reached an agreement with the United States Securities and Exchange Commission (SEC), putting an end to the long-standing dispute that had cast a shadow of uncertainty over the company’s operations. Changpeng ‘CZ’ Zhao, the CEO of Binance, expressed his relief and joy … Read more In a significant turn of events, Binance, the world’s leading cryptocurrency exchange, has reached an agreement with the United States Securities and Exchange Commission (SEC), putting an end to the long-standing dispute that had cast a shadow of uncertainty over the company’s operations. Changpeng ‘CZ’ Zhao, the CEO of Binance, expressed his relief and joy as the regulatory cloud dissipated, allowing the company to refocus on its future endeavors. After a period of intense scrutiny and speculation, the US District Court for the District of Columbia Judge Amy Berman Jackson approved the “Proposed…

    Article 2023年6月20日

  • The European economy is in a lot of trouble – What’s ECB doing?

    Description As Europe stumbles through a period of economic turbulence, all eyes are firmly planted on the European Central Bank (ECB), the watchdog tasked with stabilizing the continent’s economic heartbeat. Remarkably, the ECB has cranked up interest rates to a record high last seen in 2001, marking its ninth straight increase. A move echoing the US … Read more As Europe stumbles through a period of economic turbulence, all eyes are firmly planted on the European Central Bank (ECB), the watchdog tasked with stabilizing the continent’s economic heartbeat. Remarkably, the ECB has cranked up interest rates to a record high last seen in 2001, marking its ninth straight increase. A move echoing the US Federal Reserve, which boosted rates by the same margin, is nothing short of controversial. ECB: Making waves amid stormy seas Following the tide set by its transatlantic counterpart, the ECB pushed its fundamental deposit rate up by 0.25 percentage points, bringing it to a cool 3.75%. Two decades ago, it embarked on a similar path, intending to inflate the fledgling euro’s worth. However, the times have…

    Article 2023年7月28日

  • China’s Zhengzhou offers lucrative incentives for metaverse innovators

    TL;DR Breakdown The municipal government of Zhengzhou, China, has allocated a dedicated fund to support metaverse firms in the city. Metaverse app developers in Zhengzhou are eligible for subsidies of up to 5 million yuan ($710,000), regardless of their company’s headquarters location. Zhengzhou plans to establish a metaverse industrial fund with 10 billion yuan. This week, the municipal government of Zhengzhou, located in the prosperous province of Henan in China, made news when it issued a series of legislative ideas intending to support metaverse firms inside its jurisdiction. The declaration by the government of a significant dedicated fund of 10 billion yuan (about $1.42 billion US) demonstrates its intention to assist this expanding sector. According to research commissioned by the Chinese government, businesses that relocate their headquarters to Zhengzhou can receive investments of up to 200 million yuan (about $28.34 million). Rent reductions are only one of the various forms of financial assistance made available to these companies. In addition, companies that create metaverse apps in the city are eligible for subsidies of up to 5 million yuan (about $710,000),…

    Article 2023年5月28日

  • PancakeSwap expands to zkSync era, enhancing DeFi scalability

    TL;DR Breakdown PancakeSwap has launched on zkSync Era, improving scalability and efficiency. The launch is part of a trend of DeFi platforms using Layer 2 solutions for mass adoption. zkSync Era offers reduced gas costs and faster transactions, recently surpassing Ethereum’s daily transactions. Description In a significant development for the DeFi sector, PancakeSwap, the leading decentralized exchange (DEX) on the Binance Chain, has announced its launch on zkSync Era, an Ethereum Layer 2 network. This move is set to enhance the scalability and efficiency of the DEX, offering users reduced gas costs and faster transaction times. PancakeSwap v3 currently … Read more In a significant development for the DeFi sector, PancakeSwap, the leading decentralized exchange (DEX) on the Binance Chain, has announced its launch on zkSync Era, an Ethereum Layer 2 network. This move is set to enhance the scalability and efficiency of the DEX, offering users reduced gas costs and faster transaction times. PancakeSwap v3 currently supports swaps and liquidity providing (LP), with yield farming and LP token staking set to come online in the coming weeks. The exchange…

    Article 2023年7月29日
TOP