1. BITBILIHome
  2. Article

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

• 176 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

  • ​​Aptos price analysis: APT devalues up to $8.41 after facing a loss

    TL;DR Breakdown Aptos price analysis is bearish today APT/USD is facing resistance at $8.63 Bearish momentum is slowly taking over today The Aptos price analysis indicates that the bears are once again taking the lead after overcoming a bullish strike. The trend is once again bearish for cryptocurrency, as the latest update shows that the bears are taking the price levels down. This has resulted in a decrease in coin value up to $8.41, and the momentum is strong enough to reduce it further in the future. Nevertheless, the bears have availed their chance by winning back momentum after a bullish return. The digital asset has lost nearly 0.61 per cent of its value in the last 24 hours, and it remains to be seen if the bulls can turn things around. The Market for  APT/USD opened at $8.49 today, and buyers pushed the price up to a high of $8.63 before losing momentum as the sellers took control.  The trading volume has also been low, which suggests that the market is not in favour of buyers at this time….

    Article 2023年5月20日

  • India and UAE sign agreements for trade settlement in national currencies

    TL;DR Breakdown India and the UAE have signed agreements to promote cross-border transactions and payments using local currencies. The pacts aim to enhance economic cooperation and enable the acceptance of domestic cards in both countries. The visit of Prime Minister Narendra Modi to the UAE also includes the signing of an MoU to establish an Indian Institute of Technology campus in Abu Dhabi, showcasing strengthened bilateral ties Description India and the United Arab Emirates (UAE) have solidified their commitment to enhanced economic cooperation with the signing of agreements on trade settlement in national currencies. The Memoranda of Understanding (MoUs) aims to facilitate seamless cross-border transactions and payments between the two countries, promoting greater economic collaboration. Prime Minister Narendra Modi and the Reserve Bank … Read more India and the United Arab Emirates (UAE) have solidified their commitment to enhanced economic cooperation with the signing of agreements on trade settlement in national currencies. The Memoranda of Understanding (MoUs) aims to facilitate seamless cross-border transactions and payments between the two countries, promoting greater economic collaboration. Prime Minister Narendra Modi and the Reserve…

    Article 2023年7月17日

  • MakerDAO co-founder proposes a Solana fork for NewChain development

    TL;DR Breakdown Rune Christensen, co-founder of MakerDAO, has proposed using a fork of Solana’s codebase to develop MakerDAO’s upcoming native chain, NewChain, as part of its “Endgame” upgrade. The proposal cites Solana’s technical quality, resilience, and successful past forks as key reasons for considering it over Ethereum, MakerDAO’s current platform. If the community approves the proposal, it could mark a significant strategic shift for MakerDAO and potentially impact the broader DeFi ecosystem Description Rune Christensen, the co-founder of MakerDAO, proposed a significant shift in the project’s technological foundation. Christensen suggested that MakerDAO’s upcoming native chain, known as “NewChain,” should be developed using a fork of Solana’s codebase rather than the Ethereum Virtual Machine (EVM). This proposal comes despite MakerDAO’s long-standing association with Ethereum. The rationale behind the proposal … Read more Rune Christensen, the co-founder of MakerDAO, proposed a significant shift in the project’s technological foundation. Christensen suggested that MakerDAO’s upcoming native chain, known as “NewChain,” should be developed using a fork of Solana’s codebase rather than the Ethereum Virtual Machine (EVM). This proposal comes despite MakerDAO’s long-standing association with…

    Article 2023年9月3日

  • A close look at all the countries that want to join BRICS

    TL;DR Breakdown Forty-four countries have shown interest in joining the BRICS alliance (Brazil, Russia, India, China, South Africa), with 22 formally applying. Saudi Arabia, the UAE, and Argentina are rumored to be the first inductees. This move represents a growing discontent with the U.S. dollar’s global dominance and a push towards eastern superiority. Description The geopolitical landscape is in flux as a bevy of nations eagerly knock on the door of the BRICS alliance, clamoring for entry. The BRICS, an economic power bloc comprised of Brazil, Russia, India, China, and South Africa, is at the center of this frenzy. With an impressive count of 44 nations already expressing interest, … Read more The geopolitical landscape is in flux as a bevy of nations eagerly knock on the door of the BRICS alliance, clamoring for entry. The BRICS, an economic power bloc comprised of Brazil, Russia, India, China, and South Africa, is at the center of this frenzy. With an impressive count of 44 nations already expressing interest, the upcoming BRICS summit in August is shaping up to be a pivotal…

    Article 2023年8月8日

  • Why Apple’s iPhone 15 launch isn’t all it could’ve been

    TL;DR Breakdown Apple’s iPhone 15 launch met with mixed reactions. The company faces significant market challenges in China due to government restrictions. Apple also contends with fierce competition from Huawei’s new Mate 60 Pro. Users will see a transition from “Lightning” charging cables to USB-C. Description In a world where technology and innovation reign supreme, Apple’s much-anticipated iPhone 15 launch left many with a taste of déjà vu. But for a company that often prides itself on groundbreaking transformations, was this launch up to the mark? Navigating Market Challenges The iPhone, a flagship product for the tech giant, accounting for over … Read more In a world where technology and innovation reign supreme, Apple’s much-anticipated iPhone 15 launch left many with a taste of déjà vu. But for a company that often prides itself on groundbreaking transformations, was this launch up to the mark? Navigating Market Challenges The iPhone, a flagship product for the tech giant, accounting for over half of their astounding $394.3 billion in sales just last year, now confronts significant market challenges, especially in China, Apple’s third-largest…

    Article 2023年9月13日
TOP