Two leaders of the South Korean crypto exchange Komid were sentenced to prison for falsifying trading volumes. It is reported by the Cointelegraph, citing a local source.
So, the CEO of the exchange by the name of Choi received three years in prison. Another Komid representative received two years of imprisonment for fraud, embezzlement and other illegal activities.
According to the Korean authorities, the exchange has fabricated 5 million transactions to artificially increase trading volumes. The company used a special bot that automatically created large orders that attracted users. This scheme brought $ 45 million to scammers.
Choi has committed fraud for a countless number of victims for a long period of time…. Futhermore, he holds the financial authorities responsible for failing to keep track of the industry better.
Last fall, under pressure from the South Korean authorities, the Zeniex Exchange closed, previously launched the country's first cryptocurrency fund ZXG Crypto fund No 1.