Police arrested CoinBit Exchange due to suspicion of market fraud

Seoul police spent searches in the Coinbit Exchange offices and arrested the managers of the company suspected of fraud.

Law enforcement agencies believe that the owner of the third largest South Korean cryptobiri and several managers manipulated the prices and volumes of trading through fake accounts. According to investigators, additional income from such illegal operations amounted to at least 100 billion won ($ 84.4 million).

The police also found that in fact the platform was divided into two separate stock exchanges, one of which was used to control transactions, delays in the output of funds and «inflating» volumes. In addition to manipulations, the investigation revealed that accounting incorrectly was carried out in the company.

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