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  • Executives at Korean Crypto Exchange UPbit Indicted for Fraud (2018)

    The Prosecutors’ Office of the southern district of Seoul has indicted three senior staff members, including founder Song Chi-Hyung, on charges of fraud. The executives are alleged to have made fraudulent transactions between September to December of last year, using a fake corporate account to make bogus orders worth $226.2 billion to inflate trading volume figures and attract more customers to the exchange. They are also accused of selling 11,550 bitcoins to customers to reap $133.8 million through rigged transactions.

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