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Korean authorities accused Upbit crypto currency exchange fraud

The financial supervision Commission South Korea (FSA) has accused the former General Director of the exchange Upbit and the two employees of fraud.

According to the regulator, from September to November 2017, the platform with the help of special software artificially inflated figures of trading volume, with this purpose was created fake orders in excess of $226 billion, writes NocutNews.

By increasing this ratio, the company could manipulate the value of the digital money, high trading volumes led to the “pampas” on the market, according to authorities. Previously, the Agency Blockchain Transparency Institute published a study according to which most of the deals shown on the website CoinMarketCap, fictitious.

According to this site at the moment the daily volume of trading in digital money is $28.6 billion, over the last week this number increased by 180%.However, according to the study, the true values are less than 1% of this number.


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