South Korean Exchange’s Executives Jailed for Faking Trading Volumes

Two top managers of Komid, the South Korean crypto exchange, received prison sentences for faking trading volumes, which brought them $45 million in profit.

According to local media blockinpress, the Korean authorities have accused two top managers of faking 5 million transactions to increase trading volumes on the exchange. Due to this, the exchange received a $45 million profit. Also, according to the investigation, the trading platform used bots to create large orders and engage new customers.

Among the accused is Choi, the CEO of Komid. He was sentenced to 3 years in prison. According to media reports, Choi received a sentence for deceiving a “countless” number of clients for a long time. The CEO denied the accusation, saying the financial regulator is to blame for the fact that the industry is not developing in the right direction.

The name and position of the second defendant are not disclosed. But the court sentenced him to 2 years in prison.

1 year ago

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