The prosecution charged three persons, including the chairman of the board of two UPbit, who are the operators of the largest and fastest cryptographic exchange in Korea, of fraud and illegal registration. Only seven months have passed since we were looking for an optimistic office in May.

The country’s prosecutors officially accused the leaders of UPbit, one of the largest cryptographic exchange points in South Korea.

In a May 20 press release entitled “Result of Investigating Incidents of Virtual Currency Operators”. The second stage of the financial investigation by the Southern Seoul Prosecutor’s Office (director Kim Hyun Rok) Kim accused of alleged crimes, including fraud, such as creating dictionaries, separately.

According to the report, in August-November 2017 optimistic operators opened the participant’s account with a small number of computers. Although they did not deposit virtual money or cash, they manipulate the computer as if it was in my hands.

Upbit will use this account to participate in 35 types of virtual currency transactions in October – December 2017. Simultaneously sending applications for the purchase and sale at the same price. Also they sent an imaginary order for 254 trillion won at a price that is unlikely to conclude. They also sign a deal with the participant to 1.88 billion won.

According to the prosecution, “the largest volume of transactions out of the 35 objects represented during the first 10–20 days of registration amounted to about 40–90% of the total volume of transactions on that day,” the prosecutor’s office said. It looks like an increase in commission income.

The prosecution also raised the price with the help of the “boto” program. As a result of which the coin price increase several times until the price was higher than that of its competitors, thanks to this account, and 12,000 11,550-bitcoins from 11,550 coins did not were issued and sold in cash in the amount of 149.1 billion won.

The prosecution said: “Upbit actively involve in fraud because it manipulates market information. Such as the volume and quantity of orders, and makes private transactions. Stating that it is a member of KSE in favor of this member.” However, he explains: “I was accused without taking into account the fact that I did not have a real inability to pay members and that the company usually worked with great gratitude as a major exchange.

Optimism immediately rejected the results of the prosecution’s investigation. Two trees said Tuesday in a press release that they “never sold the most intentional transactions. Outrageous orders or fraudulent transactions, such as court statements. Exchanged cryptograms that they did not have. The company and its employees did not receive any profit.” “We will sincerely work to identify differences of opinion regarding the method of settlement in the future process and state the relevant facts.