1. BITBILIHome
  2. Article

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

• 208 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

  • Crypto giant Ripple safeguards Fortress Trust amid security breach

    TL;DR Breakdown Ripple’s swift response prevented client fund losses in the Fortress Trust security incident. A third-party vendor’s cloud tool compromise led to the vulnerability at Fortress Trust. Fortress Trust confirmed that impacted wallets were fully restored without significant losses. Description In a swift and decisive move, leading crypto payments business Ripple (XRP) has stepped in to mitigate the fallout from a recent security incident that left clients of Fortress Trust in a state of vulnerability. The incident, which Fortress attributed to a compromised third-party vendor’s cloud tool, initially raised concerns about the safety of client … Read more In a swift and decisive move, leading crypto payments business Ripple (XRP) has stepped in to mitigate the fallout from a recent security incident that left clients of Fortress Trust in a state of vulnerability. The incident, which Fortress attributed to a compromised third-party vendor’s cloud tool, initially raised concerns about the safety of client funds. However, thanks to Ripple‘s quick response, no funds were lost. Just a few days ago, Fortress Trust sounded the alarm regarding a critical exploit affecting…

    Article 2023年9月13日

  • NatWest implements policy requiring prior notice for cash withdrawals

    TL;DR Breakdown atWest, one of the largest banks in the UK, now requires customers to provide advance notice for cash withdrawals exceeding £2,000, including those from cryptocurrency platforms. Customers may also be subject to questioning and asked to provide documentation for the nature of their intended transactions. Critics raise concerns about excessive scrutiny and doubt the bank’s justifications, suggesting that cryptocurrencies were unfairly blamed for traditional banking failings. Description In a move that has raised eyebrows and fueled skepticism, NatWest, one of the largest banks in the United Kingdom, has introduced a new policy mandating customers to provide advance notice for cash withdrawals exceeding £2,000. The policy applies not only to traditional transactions but also to withdrawals from cryptocurrency platforms. The bank claims that … Read more In a move that has raised eyebrows and fueled skepticism, NatWest, one of the largest banks in the United Kingdom, has introduced a new policy mandating customers to provide advance notice for cash withdrawals exceeding £2,000. The policy applies not only to traditional transactions but also to withdrawals from cryptocurrency platforms. The bank…

    Article 2023年6月20日

  • U.S. national debt surpasses $32 trillion, raising concerns over fiscal future

    TL;DR Breakdown The U.S. national debt has reached a record-breaking $32 trillion, raising concerns about the country’s fiscal trajectory and prompting calls for reform. Despite bipartisan efforts to suspend the debt limit and implement spending cuts, the debt is projected to surpass $50 trillion by the end of the decade. Congress faces challenges in reconciling spending bills and considering new tax cuts, while experts emphasize the need to address the costs of social safety net programs and ensure long-term fiscal stability. The gross national debt of the United States has exceeded $32 trillion for the first time, highlighting the country’s concerning fiscal trajectory as policymakers gear up for another debate on government spending. This milestone, reached earlier than pre-pandemic forecasts had projected, reflects the massive emergency expenditures aimed at addressing the impact of Covid-19 and prolonged periods of sluggish economic growth. Mounting debt and fiscal concerns Republicans and Democrats have expressed apprehension about the nation’s debt, yet neither party has demonstrated a willingness to address its principal drivers, such as Social Security and Medicare spending. Despite the recent bipartisan agreement…

    Article 2023年6月19日

  • Crypto Unveiling: LBRY Challenges SEC’s Double Standards on Crypto Securities Law

    TL;DR Breakdown LBRY, a crypto startup, criticizes the SEC for its dual narrative regarding the classification of its LBC, as security. The SEC’s denial of Coinbase’s request for clarity on how securities laws apply to the market, along with Chairman Gary Gensler’s stance on classifying most crypto assets as securities. The U.S. Securities and Exchange Commission’s (SEC) recent decision to revise the penalty on LBRY, a crypto startup, has sparked a contentious debate surrounding the agency’s approach to classifying cryptocurrencies as securities. In court filings, the SEC cited LBRY’s financial difficulties as the reason behind revising the penalty, leading LBRY to question the SEC’s dual narrative regarding its cryptocurrency, LBC.  Additionally, LBRY referred to the SEC’s Coinbase filing, which sought clarity on how securities laws apply to the market. This article delves into the SEC’s actions, LBRY’s response, and the broader implications for the industry. Contents hide 1 SEC’s Revised Penalty and LBRY’s Critique 2 SEC’s Denial of Clarity Request and Criticism of Chairman Gensler 3 LBRY’s Challenge and the SEC’s Disregard of Staff Statements 4 Conclusion SEC’s Revised Penalty…

    Article 2023年5月17日

  • Tesla’s AI-powered humanoid robots redefine the future of automation

    TL;DR Breakdown Tesla’s AI-powered humanoid robots showcase remarkable advancements in robotics. Integrating AI and accurate human movement tracking allows the Tesla Bot to emulate human-like actions. The Tesla Bot project signifies a significant leap forward in humanoid robotics, with machines capable of independent walking and complex task performance. Recently, Tesla company released new footage that showcases their cutting-edge robots. These advanced robots exhibit steady walking, adeptly pick up items, and effortlessly recognizing objects. The footage shows their capabilities as they seamlessly navigate their surroundings and demonstrate their specific object detection skills. Tesla’s latest robots represent a significant leap forward in robotics, highlighting the company’s commitment to pushing boundaries and revolutionizing technology. Multiple fully Tesla-made Bots now walking around & learning about the real world 🤖 Join the Tesla AI team → https://t.co/dBhQqg1qya pic.twitter.com/3TZ2znxkfd — Tesla Optimus (@Tesla_Optimus) May 16, 2023 Among the notable upgrades, the project showcases enhanced control over motor torque, an impressive artificial intelligence (AI) system trained on meticulously tracked human movements, and the extraordinary ability of humanoid robots to walk independently in a straight line, obviating the…

    Article 2023年5月18日
TOP