A certain cryptocurrency CEO in South Korea sentenced to three years for market manipulation

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Deep Tide TechFlow News, February 4th, according to The Block, the Southern District Court of Seoul, South Korea, sentenced a cryptocurrency asset management company CEO to three years in prison, fined 500 million Korean Won (approximately $344,000), and confiscated criminal proceeds of 846 million Korean Won (approximately $582,000). The CEO used automated trading programs to manipulate the ACE cryptocurrency price, illegally profiting about 7.1 billion Korean Won ($48.8 million). During his operation, the daily trading volume of the currency surged from 160,000 units to 2.45 million units, with 89% of the trading activity attributed to the CEO.

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