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South Korean Authorities Formally File Fraud Charges Against Coinbit’s Executives

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In South Korea, authorities have formally pressed fraud charges against the chairman of a major crypto exchange in the country, Coinbit, plus two unnamed executives of the firm. They are suspected of price manipulation. Coinbit’s Executives Formally Charged by South Korean Authorities According to Newspim, the 5th Investigation Team of the Seoul Metropolitan Police Agency … Read more

Korean Police Seize Crypto Exchange Coinbit Over Allegations of $84 Million in Wash Trades

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Police in South Korea on Wednesday raided and seized the offices of Coinbit, the country’s third largest crypto exchange, over allegations it faked 99% of its trading volume. According to a report from Seoul News, local police took control of Coinbit’s headquarters in Gangnam as well as other sites elsewhere. Police accuse the exchange’s owner … Read more

Only 3.5 Million Bitcoin Is Traded Worldwide; Majority of BTC Held Long-Term as Digital Gold, Says Chainalysis

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Only 3.5 million bitcoin or 19% of total circulating supply is actively traded throughout the world, while the rest is being held long-term by investors, according to a new report by crypto analytics company Chainalysis. Per the report, nearly 18.6 million bitcoin (BTC) has been mined as of June 2020. Of this, around 60% BTC … Read more