RATE Group | Upbit Denies Cryptocurrency Wash Trading Accusations
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Upbit Denies Cryptocurrency Wash Trading Accusations

22 Dec Upbit Denies Cryptocurrency Wash Trading Accusations

Posted at 08:43h in Cryptocurrency News by

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South Korean authorities recently alleged that top executives of cryptocurrency exchange company, Upbit, falsified the company’s trading volume.

Company Inflates Trading Volume by $226 billion

Three top Executives of Upbit, one of South Korea’s largest cryptocurrency exchange, were recently accused of inflating the company’s trading volumes and manipulating the data system to attract investors, according to a report by The Korea Times.

The Financial Services Commission (FSC) alleged that the executives, which included the chairman of the board of directors, Song, between October and December 2017 managed to carry out fraudulent transactions worth 254 trillion won ($226 billion) to inflate the company’s trading volume.

The South Korean financial regulatory body also suspected the company of using a bot system. Upbit used the bot program to raise the price of underperforming virtual currencies illegally. The FSA subsequently reported the matter to…

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