The Seoul Southern District Court has acquitted senior executives at Upbit crypto exchange of fraud charges.
Insufficient Evidence Against Upbit Chiefs
Delivering judgment on the matter, Deputy Judge Oh Sang-yong dismissed the 30-count criminal fraud and market manipulation charges leveled against the Upbit directors for lack of evidence.
According to South Korean media outlet Newsis, the court declared that the activities of the Upbit hierarchy were not sufficient to materially impact the spot price of bitcoin (BTC).
The prosecutors earlier argued that Upbit was trading against its customers, setting up fake accounts to manipulate market prices. According to the prosecutors on the case, the Upbit hierarchy was creating fake buy orders to artificially inflate trading activity for crypto tokens.
Numerous market reports have revealed…
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