Korean Crypto Exchange Sued for Controversial Token Schemes

A lawsuit has reportedly been filed in South Korea against a local cryptocurrency exchange over its price-pumping schemes involving token issuance. The suit alleges that Cashierest’s token which pays dividends and rebates transaction fees to investors violates the country’s capital markets law.

The Lawsuit

South Korean law firm Aone filed a complaint with Seoul Central District Court on Oct. 5 against Newlink Co. Ltd., the owner of crypto exchange Cashierest, according to local media. Lawyer Kim Dong-joo at Aone’s Seocho branch explained that his firm is pursuing charges against the crypto exchange for deviating from the public interest in order to restore the health of the cryptocurrency market, Zdnet Korea conveyed.

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