The executives of UPbit, one of South Korea’s largest cryptocurrency exchanges, have been formally charged by the country’s prosecutors.

Specifically, the senior Upbit executives including the founder Song Chi-Hyung were charged with making fraudulent transactions between September and December last year by prosecutors in Seoul.

They were also alleged to have inflated trading volume figures by using a fabricated corporate account to make falsified orders. This was with the intention of attracting more clients to the South Korean cryptocurrency exchanges.

The case was brought to the country’s prosecution by the Financial Services Commision (FSA). 

As part of the investigation into the proceedings, the Korea Times reports two senior executives from Dunamu and one Upbit employee have been indicted, but not detained

According to prosecutors, UPBit has also sold 11,550 BTC to about 26,000 users, which helped it earn 150 billion KRW ($133.5 million).

“I’m worried about investors who may lose money in this market because of exchanges like Upbit. We need a way to make the market and the industry fair and transparent,” Korean Times quoted an FSA official.


Like it? Share with your friends!

513
1.1k shares, 513 points

What's Your Reaction?

lol lol
533
lol
scary scary
466
scary
omg omg
400
omg
wtf wtf
266
wtf
win win
133
win
fail fail
66
fail
Love Love
666
Love
hate hate
400
hate
confused confused
600
confused

Leave a Reply

avatar
  Subscribe  
Notify of
Choose A Format
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Image
Photo or GIF
Video
Youtube, Vimeo or Vine Embeds
Gif
GIF format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Countdown
The Classic Internet Countdowns