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A South Korean business executive reportedly linked to the country’s largest cryptocurrency exchange, Bithumb, was granted bail on Monday following his arrest on suspicion of market manipulation.
The executive, Choi Mo, allegedly played a part in manipulating the prices of cryptocurrencies traded on the Bithumb exchange. He was arrested by the Seoul Southern District Prosecutors’ Office in late September on charges of manipulating stock prices, obstruction of business, and fraud.
According to reports, the prosecutors’ office cited evidence of Choi Mo buying a huge amount of cryptocurrency near the end of the trading session on several days with the intention of manipulating the price of cryptocurrencies being exchanged on Bithumb. He was later granted a request for bail Monday following intense questioning from the prosecutors, according to the Yonhap news agency.
The investigation into cryptocurrency market manipulation is part of a larger government investigation into illegal activities taking place on South Korean exchanges, including insider trading and money laundering. Up to 15 other executives from two other exchanges are being investigated.