Leaders of Coinbit are arrested

The founders of the South-Korean exchange allegedly tried to manipulate the market. With wash-trading, they made fraud transactions in the case of BTC and other cryptos, generating an estimated 84 million USD fake volume. This happens with help of fake accounts and masked data.

In South-Korea, there are detailed laws for cryptocurrencies, and fraudulent actions will be honored with more years of imprisonment. If the loss is bigger than 5 billion won (around 5 million USD), the consequences are harder.