Two Leaders Of South Korean Crypto Exchange 'Komid' Jailed.

Two Leaders Of South Korean Crypto Exchange 'Komid' Jailed.

2019-01-21 | Selina Mathew

Two Leaders Of South Korean Crypto Exchange 'Komid' Jailed.

In line with a recent news published by a native media outlet namely ‘blockinpress’, two leaders of a popular South Korean crypto exchange namely Komid were reportedly sentenced to jail for manipulating exchange volumes.

The Komid exchange’s chief operating officer, named Choi, was sentenced a three-year sentence, whereas other company leader with an anonymous role was supposedly sentenced to 2 years imprisonment for fraud, robbery and misconduct, the article added.

The Komid charges reportedly define a scheme where the exchange faked five million transactions so as to inflate the transactions, that reportedly added them with $45 Mln. It's conjointly suspected that the corporate used a automated bot to produce massive orders and attract new users. The article quotes the Judge saying:

“Choi has committed fraud for a several no. of victims for a long period of time. Additionally, he holds the monetary authorities accountable for failing to maintain track of the industry higher.”

As 'reported' earlier in Dec., South Korean major cryptocurrency exchange Upbit denied accusations that it had manipulated its order book after regulators indicted 3 of its employees.

Citing 'reports' from the Seoul District Prosecutors work-office, The Korean Times stated at the time that 2 senior executives from Upbit’s developer Dunamu and one Upbit worker have been charged, however not detained, as a part of an ongoing investigation into the proceedings.

However, earlier within the same month, South Korea-based cryptocurrency exchange 'Bithumb' conjointly denied allegations of faking trade volume.

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