The founder and top management of the leading South Korean trading platform Upbit reportedly face official fraud charges.
As the media reported, the prosecutor office in one of Seoul’s districts charged three top managers and founder of the exchange with participation in the fraud schemes carried out from September till December 2017. The authorities suppose that the company deliberately overvalued the reports about trading striving to lure new clients. In particular, overall trading amounted to KRW 254 trillion ($226.2 billion) over the period under review. Moreover, these employees are also suspected in crypto sales for KRW 150 million ($133.8 million; 11,550 bitcoins) via fake deals.
At the same time, the platform representative rejected these charges, saying that all the figures that were released over the stated period represented the corporate liquidity aimed at the market stabilization while rolling out the service.
Notably, as Upbit added, withdrawal for corporate accounts was inactive. Still, the platform confirmed that some transactions were made to attract new users, though it did not benefit from such deals. Moreover, these deals had no impact on the market, as the company spokesperson noted.
For reference, Upbit already faced fraud charges back in March. That time, the law enforcement bodies withdrew HDDs and account books.
22 December, 2018 12:38← ICE Bakkt project can be rescheduled further
The launch of the ICE's bitcoin-futures trading platform Bakkt can be rescheduled again. The Intercontinental Exchange (ICE), which runs the New York Stock Exchange, can postpone the Bakkt commissioning as it is still waiting for the required approvals. The previous launch date was January 24. However, the US Commodities Futures Trading Commission is yet to make a determination on the company's application and the decision can come after the mentioned deadline given the pace at which the determination is being made.
21 December, 2018 13:37US officials propose new definition for digital token →
The US officials have put forward a motion to rule out the notion digital token from the definition of a security in the Securities Act of 1933. Congressmen Warren Davidson and Darren Soto believe that the securities guidelines cannot be applied to the cryptocurrencies. Moreover, the proposal covers the description of the notion – digital token. Specifically, the document states that a digital token is a digital unit that are the results of mining and remains, but they are regulated by the rules that cannot be "altered by a single by a single person or a group of persons".
Hawoo Kim from Japan
Bouvier from France