1. BITBILIHome
  2. Article

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

• 122 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

  • Western economies doomed by de-risking from China

    TL;DR Breakdown ‘De-risking’, a buzzword suggesting the West’s potential distancing from China, could backfire and harm Western economies. ‘De-risking’ mirrors the West’s intent to hinder China’s economic rise. Replacing China’s trade and investment partnership immediately is unfeasible due to its established global economic and technological prominence. Description A new buzzword, ‘de-risking’, is entering the economic vernacular of the West, and its implications could prove disastrous for these economies if it translates into distancing from China. This move follows the 10th anniversary of China’s Belt and Road Initiative (BRI), a global platform for cooperation that has gathered significant recognition and has been appreciated … Read more A new buzzword, ‘de-risking’, is entering the economic vernacular of the West, and its implications could prove disastrous for these economies if it translates into distancing from China. This move follows the 10th anniversary of China’s Belt and Road Initiative (BRI), a global platform for cooperation that has gathered significant recognition and has been appreciated worldwide for the solutions it offers to global development and governance reform. The de-risking dilemma Over the last couple of…

    Article 2023年6月23日

  • CoinsPaid Resumes Operations After Hacker Attack; Collaborates with Crypto Community

    TL;DR Breakdown CoinsPaid rebounds after a hacker attack by the Lazarus Group, preventing higher losses through robust security measures and expert response. The company collaborates with crypto community members, initiates an investigation, and aims to lead an industry-wide initiative to strengthen security and prevent similar attacks in the future. Description In a shocking turn of events, leading cryptocurrency payment provider CoinsPaid recently experienced a major hacker attack on July 22nd, resulting in a loss of USD 37.3 million. The suspected culprit behind this audacious heist is the notorious Lazarus Group, a powerful hacker organization known for targeting high-profile companies worldwide. Despite the staggering nature of … Read more In a shocking turn of events, leading cryptocurrency payment provider CoinsPaid recently experienced a major hacker attack on July 22nd, resulting in a loss of USD 37.3 million. The suspected culprit behind this audacious heist is the notorious Lazarus Group, a powerful hacker organization known for targeting high-profile companies worldwide. Despite the staggering nature of the attack, CoinsPaid’s dedicated team of experts swiftly responded, fortifying their systems to minimize the impact and…

    Article 2023年7月27日

  • WSJ’s Tether narrative is misleading, claims cryptocurrency giant

    TL;DR Breakdown Tether has criticized the Wall Street Journal for its alleged biased scrutiny. Tether states that many traditional finance institutions neglect client needs and focus more on scrutinizing Tether’s operations. CTO Paolo Ardoino emphasizes Tether’s commitment to innovation while safeguarding token reserves. Description Tether, the principal issuer of the leading stablecoin USDT, recently voiced criticism against the Wall Street Journal (WSJ). The cryptocurrency giant asserted that while the WSJ consistently scrutinizes its practices, the publication remains silent on the ongoing challenges in the conventional banking sector. Tether’s stance comes amidst mounting discussions about the broader dynamics of the … Read more Tether, the principal issuer of the leading stablecoin USDT, recently voiced criticism against the Wall Street Journal (WSJ). The cryptocurrency giant asserted that while the WSJ consistently scrutinizes its practices, the publication remains silent on the ongoing challenges in the conventional banking sector. Tether’s stance comes amidst mounting discussions about the broader dynamics of the Traditional Finance (TradFi) landscape. According to the stablecoin provider, many TradFi institutions need to be more attentive to their clients’ needs. Instead, they…

    Article 2023年9月24日

  • What the US inflation data for July tells us

    TL;DR Breakdown US inflation in July mirrored June’s 0.2% rise. Annual inflation rate increased to 3.2% from the previous 3%. Core inflation remained high, making the Federal Reserve cautious. July’s CPI data may ease pressure on the Fed for rate hikes. Description Every month, financial gurus, policymakers, and average citizens wait with bated breath for the release of US inflation data. July was no exception, and the revelations provide fodder for a deeper analysis. Let’s dive in. A hint of stability amid heightened economic uncertainty The month-on-month increase in United States inflation for July echoed that of … Read more Every month, financial gurus, policymakers, and average citizens wait with bated breath for the release of US inflation data. July was no exception, and the revelations provide fodder for a deeper analysis. Let’s dive in. A hint of stability amid heightened economic uncertainty The month-on-month increase in United States inflation for July echoed that of June, signaling a steadiness that might quell some fears. The consumer price index (CPI) ticked up by 0.2 percentage points, mirroring June’s bump. Delving into…

    Article 2023年8月11日

  • Ripple receives in-principle regulatory approval in Singapore

    TL;DR Breakdown Ripple, has received provisional regulatory approval from Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), to offer digital asset payments and token products in the country. The Company’s CEO stated that the country would serve as a significant gateway for Ripple’s business operations in the Asia Pacific region.  Singapore has seen a majority share of ODL transactions flowing through the city-state, making it a crucial hub for Ripple’s operations in the region. Description Ripple, a blockchain-based payments firm, has received provisional regulatory approval from Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), to offer digital asset payments and token products in the country. Ripple’s subsidiary, Ripple Markets Asia Pacific, will be able to expand its On-Demand Liquidity (ODL) service, which enables customers to move XRP globally without … Read more Ripple, a blockchain-based payments firm, has received provisional regulatory approval from Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), to offer digital asset payments and token products in the country. Ripple’s subsidiary, Ripple Markets Asia Pacific, will be able to expand its On-Demand Liquidity (ODL)…

    Article 2023年6月24日
TOP