Security Incident · Exchange
Coinbit Scam: $85.00M Reported Loss
South Korea’s third largest digital currency exchange, Coinbit, was seized and investigated by South Korean police.
- Reported loss
- $ 85,000,000
- Attack category
- Scam
Incident Overview
Its chairman and operator were suspected of internal transactions and manipulation of market prices. The police claimed that the company was suspected of using illegal means to earn at least 100 billion won in illegal profits (approximately 85 million US dollars), and Coinbit was also suspected of forging more than 99% of its transaction volume.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.