Crypto Exchange CEO ‘Assaulted, Extorted Staff, Ordered Data Manipulation’

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Under-fire South Korean crypto exchange Coinbit has denied manipulation allegations after police raided the firm’s headquarters – but an ex-employee alleges the exchange’s “violent” CEO assaulted staff, and extorted and threatened employees.

Per Seoul Shinmun, a Coinbit official stated that “allegations of inflating transaction volume and manipulating token prices are not true at all.”

Media sources believe that up to “99%” of the company’s trading data was fudged, with employees setting up “ghost accounts” to artificially boost trading volumes. The firm’s trading figures had risen so high that the exchange had risen to third place in domestic rankings, behind only market-leaders Bithumb and Upbit.

Per Fintech Post, Coinbit added that it was conducting business as usual – including a range of promotional offers.

The firm added,

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