Head of South Korea’s Biggest Crypto Exchange ‘Not Guilty’ of Data Manipulation


Head of South Korea’s Biggest Crypto Exchange ‘Not Guilty’ of Data Manipulation

Lee Jung-hoon, the head of South Korea’s biggest crypto exchange, was recently cleared of allegations of manipulating data on the platform. According to a report by the South Korean news outlet, Yonhap News, the Seoul Central District Prosecutors’ office failed to find evidence of foul play.

In March, the exchange, which is called UPbit, was accused of fabricating user data and fraudulently enticing customers to purchase crypto assets on its platform. The allegations included creating phony accounts and manipulating transaction data in order to artificially inflate the volume of transactions.

However, after months of investigation, the prosecution office came to the conclusion that there was no evidence of fraud or manipulation, and Lee was cleared of all charges. UPbit has since released an official statement where it expressed its gratitude for the clear result.

Despite the positive news, UPbit has had a rocky start this year. In May, the company was forced to shut down its overseas services due to government regulations and the understanding that operating overseas could violate international laws. In June, UPbit also suspended deposits for certain crypto assets, stating that it wanted to reshape its operations with more strenuous identity verification for its customers.