Cryptocurrency Exhanges - South Korea

[creeps]

South Korea was in a hot seat last year because of many issues about cryptocurrency, and this year another news that can affect the market on South Korea.

This is not the first time we heard about the Executives who manipulates the trading volume in South Korea, and it looks like they keep on doing this over again. Recently, another two top executive are being sentenced to jail because of manipulation on the trading volume.

https://www.ccn.com/korean-crypto-exchange-executives-fake-trading-volumes-earn-prison-sentences/

I’m wondering if the top exchanges are doing this also considering the volume of the users. Did you feel any doubt right now? Or you’re confident that you are in the right exchange?

Well, this is cryptoworld anything is possible so be safe and protect your coins. Anyway, Kudos to the government of South Korea who keeps on making a good regulations, a greedy people like these deserves that.

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[joniboini]

Wash trading is a disease, the problem is we don't know how to detect them asap. Even Upbit got the same accusation, they're one of the major exchanges in South Korea IIRC. Let's hope the government intervention can prevent shit like this in the future (quite ironic tbh).

Anyway, if you have doubt, your alternative would be to use some services like Shapeshift or Changelly, but you also need some degree of trust. DEX is also a good choice if you only trade tokens. If you're really paranoid, then atomic swap should be the answer.

At this moment, it is nearly impossible not to use centralized exchanges if you want to trade different coins, so your best choice is to use them when you want to trade and then withdraw any funds when you're finished. With pretty much praying the exchange won't get hacked when you still have an order.

[Kopyleft]

It is reputed that most centralized exchanges fake trading volumes to attract more investors to their community. Transparency is much lower in centralized exchanges when compared with DEXes.
Try to compare trading volumes with market capitalization and also check up recent orders and trades.

[St4yInTh3D4rk]

To be honest many exchanges were faking their trading volumes and you can find it when you watch the trade orders from both sides of buy and sell but the exchanges like Binance are having real volume but it doesn't mean they can't be manipulated.It maight be done by individuals who holds bigger amount of cryptos or just by the people from exchange who also maybe a whale.But it is very good that governments having regulations like these to crypto trading platforms.

[boyptc]

It's a fact.

Manipulation do really happens inside the exchanges premises. Just observe one exchange and you will have an idea on how they manipulate the market and that's through their fake orders. Remember the time when Bitmex was on maintainance? I don't think it's just a coincidence that the market pump by that time.

[nur rochid]

To be honest many exchanges were faking their trading volumes and you can find it when you watch the trade orders from both sides of buy and sell but the exchanges like Binance are having real volume but it doesn't mean they can't be manipulated.It maight be done by individuals who holds bigger amount of cryptos or just by the people from exchange who also maybe a whale.But it is very good that governments having regulations like these to crypto trading platforms.

I once encountered a fake pump, and it seemed like it was a fraud, but indeed what I met in a less well-known exchange. maybe indeed it was done by individuals with a specific purpose. after that the price dropped again very dramatically

[Dreamchaser21]

Its to hard to say that there is no manipulation with the top exchanges but I think there's some action like this but its really hard to notice. South Korea is very good in terms of implementing the rules so I hope those exchanges on that place already learn the lesson and stop from doing this. Manipulation is everywhere, people wants to have an easy money but in time, you will suffer for what you have done to others.

[hugeblack]

This is not the first time we heard about the Executives who manipulate the trading volume in South Korea, and it looks like they keep on doing this over again. Recently, another two top executives are being sentenced to jail because of manipulation on the trading volume.

The absence of regulatory rules in addition to the inclusion of more shitcoins exchange without value "paper money cover" or a real guarantee in the case of hacking, All these factors have made those platforms large manipulating prices dump "fake bumping."


Personally, I am moving away from any platform dealing with a stablecoins pair "Xcoin/USDT" more than the possibility of a direct withdrawal in dollars.

[crwth]

There is also recent news with regards in a South Korean Area exchange, and this is the link to it.

https://toshitimes.com/south-korean-exchange-accidentally-airdrops-millions-worth-of-bitcoin-to-users/

I’m not sure what’s ultimately going on, and mistakes like that are suspicious. How can you be so careless that you let the price of an asset, Bitcoin, become $50. That’s the news indicated in that article.

I think you cannot be so confident with regards to the safety of your coins, especially if you are interested in earning from trading. I know a friend that has 3.2 BTC in the recent hack in Cryptopia. It’s just like poof. Gone. I’m not sure what the latest update is with Cryptopia but might as well consider it as gone, he said.

[metalbean]

There is also recent news with regards in a South Korean Area exchange, and this is the link to it.

https://toshitimes.com/south-korean-exchange-accidentally-airdrops-millions-worth-of-bitcoin-to-users/

I’m not sure what’s ultimately going on, and mistakes like that are suspicious. How can you be so careless that you let the price of an asset, Bitcoin, become $50. That’s the news indicated in that article.

I think you cannot be so confident with regards to the safety of your coins, especially if you are interested in earning from trading. I know a friend that has 3.2 BTC in the recent hack in Cryptopia. It’s just like poof. Gone. I’m not sure what the latest update is with Cryptopia but might as well consider it as gone, he said.

It's saddening that those that are suppose to empower us are abusing their power.

[pterodactyll]

It is good that the South Korean government is watching this. Because it often happens that such actions, such manipulations, go unpunished. And honest traders lose their savings. As far as I know, it is easier to hide the facts of manipulation in the stock market, but it is also more difficult to manipulate. It is good that there are almost no such manipulations on the cryptocurrency market.

[crwth]

There is also recent news with regards in a South Korean Area exchange, and this is the link to it.

https://toshitimes.com/south-korean-exchange-accidentally-airdrops-millions-worth-of-bitcoin-to-users/

I’m not sure what’s ultimately going on, and mistakes like that are suspicious. How can you be so careless that you let the price of an asset, Bitcoin, become $50. That’s the news indicated in that article.

I think you cannot be so confident with regards to the safety of your coins, especially if you are interested in earning from trading. I know a friend that has 3.2 BTC in the recent hack in Cryptopia. It’s just like poof. Gone. I’m not sure what the latest update is with Cryptopia but might as well consider it as gone, he said.

It's saddening that those that are suppose to empower us are abusing their power.

It is supposed to be them to build trust around, but we can never verify it until it happens. The police comments are not that great as well, telling that it would take a long time. And maybe the people affected would just forget it or something.

That was a segway with Cryptopia and you can never be sure entirely with what could happen to your funds.

[kryptqnick]

Faking volumes is wrong, but it seems like criminal responsibility for this might be too much. Big fines and publicly open information about such exchanges with their manipulations seems enough to me. These people, however, though being important executives of that exchange, made manipulations to earn money from the investors, rather than simply declared the fake volume to attract more users, I guess. Yet I am still not sure they deserve years of prison for that. After all, trading is dangerous, and everyone should be cautious about the funds and actions.

[dothebeats]

They don't have a tight grip on regulations over at SoKor unlike in any other Asian countries that's why most of these illegal trading practices and schemes are slipping under the radar of the authorities. Faking volumes, though somewhat a lighter offense than other trading exploits still attributes to many losses for people, and paints a false picture that something is up all the while the exchange operators are getting their hefty fees for the day. As long as regulators and authorities are not intervening, the same practices would still be repeated over and over again.

[Crypdon]

Any exchange that claims to have more trading volume than binance is manipulating the data. If new ones suddenly jump up the cmc charts they are also faking it. Now others know the penalty

[xWolfx]

South Korea was in a hot seat last year because of many issues about cryptocurrency, and this year another news that can affect the market on South Korea.

This is not the first time we heard about the Executives who manipulates the trading volume in South Korea, and it looks like they keep on doing this over again. Recently, another two top executive are being sentenced to jail because of manipulation on the trading volume.

https://www.ccn.com/korean-crypto-exchange-executives-fake-trading-volumes-earn-prison-sentences/

I’m wondering if the top exchanges are doing this also considering the volume of the users. Did you feel any doubt right now? Or you’re confident that you are in the right exchange?

Well, this is cryptoworld anything is possible so be safe and protect your coins. Anyway, Kudos to the government of South Korea who keeps on making a good regulations, a greedy people like these deserves that.

It makes me wonder if the people who talk about people manipulating the market is right, what do you think?

I also agree that the enforcement of law in this case is pretty important otherwise control can be lost pretty quick since they are in privileged positions and can do it really easily.

Really good work from the South Korea's government and let's hope it continues.

[creeps]

Faking volumes is wrong, but it seems like criminal responsibility for this might be too much. Big fines and publicly open information about such exchanges with their manipulations seems enough to me. These people, however, though being important executives of that exchange, made manipulations to earn money from the investors, rather than simply declared the fake volume to attract more users, I guess. Yet I am still not sure they deserve years of prison for that. After all, trading is dangerous, and everyone should be cautious about the funds and actions.

For me, they deserve more since they deceived small investors and because of that they lose money so I think its really liable for a criminal liability. This is what justice and if I we’re the victim I will file a case to get back my money.

It's a fact.

Manipulation do really happens inside the exchanges premises. Just observe one exchange and you will have an idea on how they manipulate the market and that's through their fake orders. Remember the time when Bitmex was on maintainance? I don't think it's just a coincidence that the market pump by that time.

I’m slowly accepting this fact, and we should really trade carefully don’t just look for the volume and if possible try to exit as early as you can. I remember that moment, and yeah the market pumps without any strong news.

[Huskarls]

for top exchange, in my opinion, this is not there but indeed in the Korean market which has a smaller volume, I note that the market has unusual activities, such as there is a bot activity used in it. In my opinion this does not mean we can realize that the Korean market is bad. However, the market as a whole is indicative of this

[boyptc]

It's a fact.

Manipulation do really happens inside the exchanges premises. Just observe one exchange and you will have an idea on how they manipulate the market and that's through their fake orders. Remember the time when Bitmex was on maintainance? I don't think it's just a coincidence that the market pump by that time.

I’m slowly accepting this fact, and we should really trade carefully don’t just look for the volume and if possible try to exit as early as you can. I remember that moment, and yeah the market pumps without any strong news.

Trade carefully to those exchanges that has been manipulating their volumes. It's very unethical for a business to do that, they've been doing that for the purpose to make more volumes and get more traders against their competitors.

That event was just a perfect example of it though I don't have a strong evidence about that but it's all over the internet.

[Valhalaa]

Yes, indeed, it is not only Korea that has been discussed in various countries, because the manipulation that occurs is very much and there is no presence of a helper to the government, especially in Korea itself, then the easy access to manipulation can make people trapped inside