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