South Korean authorities have charged executives of what was once the country’s third-largest cryptocurrency exchange, Coinbit, over market manipulation allegations.
According to news outlet News1, prosecutors are preparing a case against Coinbit chairman Choi Mo and two unnamed executives on charges of fraud and forgery connected to market manipulation following a recommendation from the Seoul Metropolitan Police Agency. The police said that the three allegedly used ghost accounts from August 2019 to May 2020 to inflate transaction volumes and manipulate token prices on the exchange.
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