South Korean Crypto Exchange Komid Leaders Sentenced To Jail

Two of the leaders of the South Korean crypto exchange Komid, were arrested and sentenced to jail after they were accused of faking the exchange volumes, according to the crypto news media outlet reports from South Korea.

One of the leaders was Komid’s CEO with the last name Choi who received a three-year sentence while the other one, who is also among the company leaders, was sentenced to two years in prison for misconduct, embezzlement, and fraud.
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According to the charges, both of them outlined a scheme where the exchange was able to fake 5 million transactions thus inflating the volume and at the end, it led to them making a huge profit of $45 million. The company reportedly used an auto-bot to create large orders and attract new users.

The judge was quoted saying:

 “Choi has committed fraud for a countless number of victims for a long period of time…. Futhermore, he holds the financial authorities responsible for failing to keep track of the industry better.”

Last year in December, one of the largest crypto exchanges in South Korea Upbit was accused of manipulating their order book after regulators indicted a couple of their staff. However, the exchange was quick to deny the accusations.

Following the reports from the Seoul District Prosecutors Office, the Korea Times pointed out that two senior executives from Upbit and one employee from the same company have been indicted but they were not detained for further investigation purposes.

At the same time and in the same month, South Korea-based crypto exchange Bithumb was also accused of faking its trade volume but they too denied the allegations.