South Koreas Top Crypto Exchange is in trouble!!!

[Xester]

Another huge issue was spreading fast especially in South Korea when the CEO of one of the largest Korean Crypto Exchange have been arrested by the authorities due to embezzlement and fraud. 4 executives were already detained including the CEO. The name of that exchange is  Coinnest's and the executives were accused of transferring a billion won to their account.

https://news.bitcoin.com/ceo-of-korean-exchange-coinnest-among-four-arrested-for-fraud/

[stompix]

The "top" exchange is actually on the 60th place in the world based on market cap:
https://coinmarketcap.com/exchanges/volume/24-hour/

It has a volume of $5,917,027 half of it comes from trading TRON and Qtum.
https://coinmarketcap.com/exchanges/coinnest/

Authorities seized accounting documentation, transfer receipts, hard disks and mobile devices from the trading platforms. Law enforcement officials believe diverted funds were used to purchase cryptocurrencies on other exchanges. According to later reports, the companies investigated by the Korean Financial Supervisory Service are located in Seoul’ Yoido district.

I think that somebody at an exchange that starts with B... is going to have some nightmares after reading this.

[darkangel11]

The "top" exchange is actually on the 60th place in the world based on market cap:
https://coinmarketcap.com/exchanges/volume/24-hour/

Exaggerations like his are typical for most news sites and especially common in the crypto world. Just yesterday I read that India is banning Bitcoin, while in fact there was no ban.

Coinnest ranks among the leading crypto trading platforms in South Korean, with Bithumb and Upbit topping the charts.

This so called top Bitcoin exchange in Korea isn't even in the top 6 crypto exchanges in that country.
http://www.bestbitcoinexchange.net/krw/
I'm not even going to look for more and compare the volumes and popularity to place it somewhere on that list. Korea isn't that big, if they can't fit in top 3 - 5 exchanges in the country they literally don't count and have no influence on the world economy, the situation of BTC, and so on.

[samantadegrenet]

I think the news should worry us, but problems like that happen with the banks and so they can also happen with the exchanges. The crack of an operator can not affect a system.

[Juggy777]

Media witchhunt continues and now I just don't give a dam anymore they can try hard to continue but now they can't convince me anymore to believe it, just don't give much into in it. I'm sure Korea will soon sort their bitcoins issue and soon everything will be good. Suddenly every government and media outlet is behind bitcoins just time to ignore it.