Leaders of Komid exchange fail to overturn prison terms for falsifying trading volumes

South Korean court rejected the appeals of the CEO and the executive director of the cryptocurrency exchange Komid, who were accused of falsifying trading volumes on the platform. The report, Cointelegraph citing local media.

\n

The judge noted that the accused repeatedly engaged in fraudulent actions affecting a large number of unidentified victims. According to the judge, they also used \”false balances on accounts for real cryptocurrency transactions\”.

\n

As a result, the two executives will serve the originally imposed prison terms.

\n

As reported earlier, the exchange’s CEO by surname Choi received three years in prison, the other Komid leader — two years.

\n

According to local authorities, the exchange fabricated 5 million transactions to artificially inflate trading volumes. The scheme netted the exchange’s leadership $45 million.

\n

Earlier this week, Coinbit offices were raided. The platform is suspected of falsifying 99% of trading volumes.

\n

Find out which cryptocurrency exchanges analysts trust — read ForkLog’s piece.

\n

Which Bitcoin exchanges truly deserve trust — a resilience test by Coin Metrics

\n

\n

Subscribe to ForkLog news on Telegram: ForkLog Feed — all the news, ForkLog — the most important news and polls.