Executives at Korean exchange Komid sentenced to jail for faking volume24

Two executives of Komid, a South Korean cryptocurrency exchange, were sentenced to jail terms on January 17 for their role “in orchestrating fraudulent trading volume” as reported by Blockinpress. Hyunsuk Choi, the CEO, was sentenced to 3 years, while Park, another executive, was sentenced to 2 years.

Choi and Park allegedly created more than five accounts through which they were able to fabricate 5 million transactions. According to the court documents, the faked volume deceived both the investors and the new users, which led to Choi and Park earning about $45 million.

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