The head of South Koreas biggest crypto exchange, Upbit, has been cleared of any wrongdoing relating to data manipulation allegations. The Seoul Central District Court ruled that Lee Sir-goo, the CEO of the exchange, was “not guilty” of manipulating the cryptocurrency trading platform.
The ruling follows a two year investigation by the Seoul Central District Prosecutor’s Office which accused Upbit of allegedly manipulating the buy and sell prices of 39 digital tokens on its platform. Lee had been charged with fraud and falsifying business records for the alleged manipulation.
Lee was cleared of any wrongdoing after prosecutors failed to prove that he was involved in the alleged manipulation. In its verdict, the court said that prosecutors had failed to prove any link between Lee and the manipulation of prices on the Upbit platform.
The verdict is a major victory for South Korea’s cryptocurrency industry, which has been embroiled in controversy for the past two years. It is also a shot in the arm for Lee, who has maintained his innocence throughout the investigation.