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Detail Analysis

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Date:

Status:

Count:

Contributor:

February 3, 2019

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Verified

1

zerofriction.io

Loss Amount:

-

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Recovered Amount:

-

Currency:

Dollars

KYC By:

Audit By:

None

None

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Website:

No data

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

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Key Indicators

Platform:

Type:

Category:

Method:

Exchange

Assets

Scams

Extended Method:

Fake trading volumes

Data Sources:

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Heads of two South Korean exchanges were supposedly imprisoned for artificially boosting the trade volumes on their exchanges. The duo allegedly used a bot to place huge orders both in cryptocurrencies and fiat currency (Korean won). The South Korean exchange in question is Komid and according to The News Asia, the executives were imprisoned two days back “for their roles in orchestrating fraudulent volume reports on their platform.” The charges from prosecutors outlined a scheme wherein the two defendants fabricated 5 million transactions on their platform to deceive investors into thinking that the volume was natural. This led to the two earning about $45mil. There is also a suspicion that they utilized a ‘bot’ to automatically create large orders, which attracted new users.”

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.