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

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

  • Avalanche price analysis: AVAX remains consistent at $14.5

    TL;DR Breakdown Avalanche price analysis is bullish today. The strongest resistance is present at $15.1. The trading price of AVAX is $14.5 at the time of writing. Avalanche price analysis indicates the emergence of a bullish trend that is progressively gaining strength, with substantial potential for further upward movement. The AVAX/USD trading pair is presently valued at $14.5, denoting a 1.14% appreciation in worth over the preceding 24-hour period. The market experienced a notable upward trajectory yesterday, characterized by a sudden surge in prices. Nonetheless, at the onset of the current day, the market demonstrated encouraging bullish tendencies following a dip below the $14 threshold. Moreover, there has been a reduction in market volatility, establishing a conducive milieu for potential recuperation that is welcomed by bullish investors. As of today, the price of Avalanche (AVAX) stands at $14.59, accompanied by a 24-hour trading volume of $152.68 million. The market capitalization of Avalanche is $4.88 billion, with a market dominance of 0.42%. Over the past 24 hours, the AVAX price has witnessed a 1.14% increase. The current sentiment surrounding Avalanche’s price…

    Article 2023年6月8日
  • China’s cyberattacks pose major threat to the U.S.

    TL;DR Breakdown Chinese cyberattacks pose a significant threat to U.S. security. A U.S. cybersecurity official warns of the potential for disruptive cyber operations targeting critical infrastructure. The Chinese government’s cyber-offensive capacities are linked to hacking groups targeting pipelines and railways. American companies face ongoing cyber espionage and intellectual property theft from China. As the global digital landscape becomes increasingly complex, one nation’s digital capabilities have emerged as a potent force that could profoundly shape the future of international relations. This nation is China. Their advanced cyber capabilities, particularly in espionage and sabotage, now constitute an era-defining threat, according to leading American cybersecurity experts. The crux of this growing concern is the profound risk of cyber attacks on critical U.S. infrastructure, potentially instigating widespread societal unrest in a time of open conflict. Disruptive threats amplifying the cybersecurity challenge Cybersecurity and Infrastructure Security Agency (CISA) Director Jen Easterly candidly articulated these fears at a recent appearance at the Aspen Institute in Washington, D.C. The conversation focused on the reported infiltration of U.S. military and private sector networks by Chinese hackers, a group…

    Article 2023年6月16日
  • I asked ChatGPT: What will the price of Shiba Inu be on November 5?

    TL;DR Breakdown Speculating the potential valuation of the Shiba Inu token (SHIB) for November 5, 2023, we consulted OpenAI’s language model, GPT-4, for insights. GPT-4 indicated the inherent complexities in predicting cryptocurrency prices, given their inherent volatility. Shiba Inu currently appears to be in a consolidation phase, with a notable resistance level at $0.0000083, hinting at a potential breakout. With an ever-rising interest in the dog-themed cryptocurrency, the curious financial world seems to be incessantly pondering: What does the future hold for the Shiba Inu token (SHIB)? Speculating the potential valuation of this volatile digital asset come November 5, 2023, the question takes a plunge into the murky waters of crypto fortune telling. To seek insights, I turned to OpenAI’s highly regarded language model, GPT-4, known for its ability to generate human-like text based on an extensive database of online information. A tricky forecast for SHIB It’s no secret that predicting the exact value of a digital asset like Shiba Inu is a complex task. The world of cryptocurrency is notorious for its unpredictability, often leaving even seasoned analysts scratching…

    Article 2023年6月10日
  • Biden’s warning: No debt deal to shield crypto traders

    TL;DR Breakdown President Biden rejects any deal that protects cryptocurrency traders from tax obligations, emphasizing the need for fair fiscal policies. He calls for a bipartisan agreement on budget negotiations and rejects tax breaks for sectors like the oil industry. In a significant shift in policy, President Biden’s recent remarks at the G7 Summit signal the shifting terrain of cryptocurrency regulation in the United States. Speaking on the topic of budget negotiations, Biden underscored the necessity for a bipartisan consensus on the nation’s economic direction and dismissed any notions of an agreement that would shield high-earning cryptocurrency traders. A Bipartisan Stalemate Delivering his speech before the world’s most powerful nations, Biden detailed his interactions with the congressional leadership before his departure for the summit. A sense of urgency underscored his dialogue as he underscored the need for a bipartisan agreement to move forward. “We agreed the only way to move forward was in a bipartisan agreement,” he stated. Yet, while signaling his willingness to cooperate, Biden also emphasized his commitment to making substantial cuts to spending. His proposal, as Biden…

    Article 2023年5月22日
  • U.S. Treasury’s sanctions on Tornado Cash upheld by Federal Court

    TL;DR Breakdown A federal court validates U.S. Treasury Department’s right to impose sanctions on Tornado Cash, a cryptocurrency mixing service, dismissing a lawsuit brought by users. The court supports the Treasury’s claims that Tornado Cash laundered over $7 billion in virtual currency, refuting arguments that the sanctions violated free speech rights. Description A federal court has affirmed the U.S. Treasury Department’s authority to impose sanctions on Tornado Cash, a well-known cryptocurrency mixing service, rejecting a legal challenge brought by six users of the platform. The decision, presided over by U.S. District Judge Robert Pitman, sided with the government on all claims, granting summary judgment in the case … Read more A federal court has affirmed the U.S. Treasury Department’s authority to impose sanctions on Tornado Cash, a well-known cryptocurrency mixing service, rejecting a legal challenge brought by six users of the platform. The decision, presided over by U.S. District Judge Robert Pitman, sided with the government on all claims, granting summary judgment in the case and affirming the Office of Foreign Assets Control’s (OFAC) entitlement to cite Tornado Cash under…

    Article 2023年8月22日
TOP