{"id":82772,"date":"2023-11-09T20:37:19","date_gmt":"2023-11-10T01:37:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/dunamu-chief-cleared-of-data-manipulation-charges\/"},"modified":"2023-11-09T20:37:22","modified_gmt":"2023-11-10T01:37:22","slug":"dunamu-chief-cleared-of-data-manipulation-charges","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82772","title":{"rendered":"Dunamu Chief Cleared of Data Manipulation Charges"},"content":{"rendered":"<div>\n<figure id=\"attachment_129138\" aria-describedby=\"caption-attachment-129138\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-129138\" class=\"wp-caption-text\">Source: vladim_ka\/Adobe<\/figcaption><\/figure>\n<p>The head of Dunamu, operator of South Korea\u2019s market-leading Upbit crypto exchange, has been found not guilty of manipulating platform data.<\/p>\n<p>Per Chosun Ilbo, the nation\u2019s Supreme Court acquitted the Dunamu Chairman Song Chi-hyung, of fraud charges under the Aggravated Punishment Act for Specific Economic Crimes.<\/p>\n<p>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.<\/p>\n<p>They claimed Song and others had created accounts in the name of customers who did not actually exist.<\/p>\n<figure id=\"attachment_129140\" aria-describedby=\"caption-attachment-129140\" style=\"width: 658px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-129140\" class=\"wp-caption-text\">Dunamu Chairman Song Chi-hyung speaking at an event hosted by Seoul National University in 2021. (Source: Seoul National University\/Seoul Kyungjae\/YouTube)<\/figcaption><\/figure>\n<p>Prosecution officials said Song and the executives used these bogus accounts to buy and sell Bitcoin.<\/p>\n<p>They said the group moved BTC 11,550 around 26,000 wallets to artificially boost trading volumes.<\/p>\n<p>They claimed the executives had carried out almost $93 million worth of transactions in this manner, helping swell Upbit\u2019s volume figures.<\/p>\n<p>And they claimed the \u201cfake customer\u201d transactions had helped the group make money, trading at the height of the bear market \u2013 and generate profits worth almost $114 million.<\/p>\n<p>A district court cleared Song and the executives of the charges, and a branch of the high court upheld this decision.<\/p>\n<p>But prosecution officials were determined to try again, taking the case to the Supreme Court.<\/p>\n<p>However, all three courts agreed that the prosecution had used \u201cillegal methods\u201d to obtain evidence.<\/p>\n<figure id=\"attachment_129139\" aria-describedby=\"caption-attachment-129139\" style=\"width: 1837px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-129139\" class=\"wp-caption-text\">Trading volumes on the Upbit crypto exchange over the past 12 months. (Source: CoinGecko)<\/figcaption><\/figure>\n<h2>Why Was South Korean Crypto Exchange Chief Cleared of Charges?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The court heard that prosecution officials had \u201cillegally accessed\u201d information from Dunamu\u2019s Amazon-provided cloud accounts.<\/p>\n<p>Prosecutors had been granted conditional search and seize warrants in their initial investigation, defense attorneys argued.<\/p>\n<p>But lawyers said the warrants did not grant officers the right to search remote servers.<\/p>\n<p>Defense lawyers also argued that prosecutors had overstepped their authority by seizing executives\u2019 laptops and USB storage devices.<\/p>\n<p>The same court also cleared the firm\u2019s Chief Financial Officer and Data Office Director of charges of forgery and fraud.<\/p>\n<p>Despite initially lagging behind its closest rival Bithumb, Upbit has recently risen to become the undisputed market leader in South Korea\u2019s crypto scene.<\/p>\n<p>The exchange now accounts for some 80% of the domestic market, thanks in no small part to its wildly successful partnership with the neobank K Bank.<\/p>\n<p>This partnership has allowed new customers to open wallets and associated bank accounts online.<\/p>\n<p>The nature of South Korean regulation requires crypto traders to create special real-name verified bank accounts linked to their wallets.<\/p>\n<p>As such, some banks require new crypto exchange customers to visit branches in person to set up their accounts.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/head-of-south-koreas-biggest-crypto-exchange-not-guilty-of-data-manipulation.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: vladim_ka\/Adobe The head of Dunamu, operator of South Korea\u2019s market-leading Upbit crypto exchange, has been found not guilty of manipulating platform data. Per Chosun Ilbo, the nation\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":82773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-82772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dunamu Chief Cleared of Data Manipulation Charges | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: vladim_ka\/Adobe The head of Dunamu, operator of South Korea\u2019s market-leading Upbit crypto exchange, has been found not guilty of manipulating\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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