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ID:

coinbit-485

Date:

Status:

Incident Count:

August 25, 2020

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

85,000,000

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Exchange

Assets

Scams

Extended Method:

fake trading volume

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Days in Operation:

1587

(4.35 Years)

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South Korea’s third largest digital currency exchange, Coinbit, was seized and investigated by South Korean police. Its chairman and operator were suspected of internal transactions and manipulation of market prices. The police claimed that the company was suspected of using illegal means to earn at least 100 billion won in illegal profits (approximately 85 million US USD), and Coinbit was also suspected of forging more than 99% of its transaction volume.

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