The Third Largest Cryptocurrency exchange in Korea is being investigated for Fraud of $ 85 million

The Third Largest Cryptocurrency exchange in Korea is being investigated for Fraud of $ 85 million

Just these days, police launched a large-scale investigation into Coinbit, the third largest cryptocurrency exchange in Korea.

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26 Aug 2020 , 18:12 @ Katie Müller

The Third Largest Cryptocurrency exchange in Korea is being investigated for Fraud of $ 85 million

Just these days, police launched a large-scale investigation into Coinbit, the third largest cryptocurrency exchange in Korea.

Today is a big day for progress in the fight against manipulation in the crypto market under the Coinbit brand. According to the information obtained, the Korean police were to seize and search several places these days, including the headquarters of Coinbit.

Police claim that the owner as well top managers artificially inflated the volume of transactions and subsequently manipulated the market price. Choi Mo, owner of the exchange, stood at the top of this crime, for which they also used illegall “ghost” accounts.

Already in May of this year, the first information was released, proving the manipulation of up to 99% of the total volume of transactions. Police estimate that Coinbit had illegal income from this activity of at least $ 85 million.

Other factors that are not in Coinbit’s favor include non-transparent accounting, which calls into question any legitimacy of company.

One of the tax accountants commented as follows:

The fact that negative opinions were submitted by external auditors means that the company’s accounts cannot be verified at all.

Read also: Japan issued for the first time Court Order to Confiscate a Stolen Cryptocurrency

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