Korean Upbit crypto currency exchange accused of fraud

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The leadership of the largest cryptocurrency exchanges in South Korea, charged with manipulation, and about the increase in trading volumes.

The financial services Commission (FSC) reported to the Prosecutor, expressing a suspicion that crypto-exchange is manipulating the data processing system by using a bot program in an attempt to increase the volume of transactions with digital assets.

According to the publication Korea Times, the FSC believe that the exchange used bots for “Pampa inefficient virtual coins to attract more investors due to the falsification of the volume of exchange trade”.

In addition, the FSC noted that the crypto currency exchange, has twice used this scheme in the past year, from October 2017 to December 2017, to fabricate the indicators of volume of trading, and then just recently last week. Fake orders and false transactions were conducted worth 254 trillion won ($226 billion) at the time.

Upbit denies charges

In an interview with the Korea Times, the representative of the FSC said: “I worry about the investors who may lose money on the stock market for such exchanges, as Upbit. We need a way to make the market and the industry honest and transparent.”

The management of the crypto currency exchange has denied all charges, noting in a recent statement: “Upbit as a corporate body, never to realize the assets acquired through fraudulent or used fraudulent schemes to commit fake transactions. We will fully cooperate with the investigation in the investigation of these allegations to show that they are completely false.”

As mentioned in the last report of the Institute of transparency of the Blockchain, Korean Upbit crypto exchange has become the third largest platform by trading volume.

Currently, the average daily trading volume Upbit was about $241 million in December, and the exchange is the third after the Binance and Bitfinex. However, if she is found guilty of falsifying their transaction, the rating table may be revised.

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Tags: Upbit

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