Head of South Korea’s Biggest Crypto Exchange ‘Not Guilty’ of Data Manipulation The head of Dunamu, operator of South Korea’s market-leading Upbit crypto exchange,
has been found not guilty of manipulating platform data. Per Chosun Ilbo, the nation’s Supreme Court acquitted the Dunamu Chairman Song Chi-hyung,
of fraud charges under the Aggravated Punishment Act for Specific Economic Crimes. Prosecutors alleged Song and a group of executives with Chairman Song with manipulating order volumes by creating fake member accounts on Upbit between September and November 2017. They claimed Song and others
had created accounts in the name of customers who did not actually exist.
Dunamu Chairman Song Chi-hyung
speaking at an event hosted by Seoul National University in 2021. Prosecution officials
said Song and the executives used these bogus accounts to buy and sell Bitcoin. They said the group moved BTC 11,550 around 26,000 wallets to artificially boost trading volumes. They claimed the executives had carried out almost
$93 million worth of transactions in this manner, helping swell Upbit’s volume figures.
