Police Conduct Search and Seizure at Cryptocurrency Exchange Coinbit Over 'Market Manipulation' Allegations
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[Asia Economy Reporter Jeong Dong-hoon] The police are conducting a search and seizure operation at Coinbit, a cryptocurrency exchange suspected of price manipulation.
The Seoul Metropolitan Police Agency's Metropolitan Investigation Unit announced that they have been carrying out a search and seizure at Coinbit's headquarters in Gangnam-gu, Seoul, since the morning of the 26th.
Coinbit is the third-largest cryptocurrency exchange in South Korea. The management is suspected of using specific accounts to manipulate prices, causing transaction prices to skyrocket by tens to hundreds of times.
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The police are reportedly investigating based on tips and testimonies from victims.
This content was produced with the assistance of AI translation services.
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