PROBIT EXCHANGE FRAUD LITIGATION exposes Probit as sham exchange
NuGenesis is suing WHENMOON Oü (formerly known as Probit Exchange Oü) and the more recent PROBIT GLOBAL SERVICES Limited, incorporated in the Seychelles when Probit Exchange failed to meet the conditions to maintain its exchange licence in Estonia after July 2021.
Probit is sued for fee fraud and consequent damages to NuGenesis business for taking listing fees and failing to, knowing it was unable to, list NuGenesis’ NuCoin on the Probit Exchange.
Breathtaking is the contemptuous arrogance shown by the Probit team during the long and detailed communication log. Having misrepresented its intention, Kanghyuk (Jake) Lee, its self-proclaimed boss, essentially dismissing NuGenesis with a ““ F* you”, we are now in the Seychelles and you can’t do anything about it!”
Disturbingly, in utter contempt for the law, Jake Lee then destroyed the evidence of the communication log. Fortunately, NuGenesis had screen shots and it’s own copy preserved. The communication log reads like a horror story. A horror story that NuGenesis will put before the Courts, Investigators and Prosecutors. The disgraceful saga will be a case study for the entire crypto market, including regulators of the immorality and wicked behaviour of exchanges feeling untouchable in their tax havens.
NuGenesis, a blockchain system unique for its powerful legal team, both in-house and external, has a ruthless strategy for prosecuting the Probit. The end game is taking over the Probit exchange.
The first step is suing both companies in Estonia, which is due for hearing shortly. Having criminally attempted to pervert the course of justice by destroying evidence, Jake Lee is not expected to front at court. The second step is appointing a Liquidator over both entities in both Latvia and Estonia.
The third Step is for the Liquidators to claim the assets of the Probit Exchange business which the Seychelles Probit misappropriated from the Estonian Probit. The firesale of Probits crypto holdings, if it had any financial substance, should be concern to the crypto market. However, Probit does not appear to have any means, failing to even return the $US140,000 listing fee.
Liquidators will have much cause to use their compulsory powers to compel interviews under oath and documents from a range of colourful characters that founded the
Simultaneously, NuGenesis’s legal team is prosecuting their complaint with regulators and prosecuting agencies in Estonia, Seychelles and especially Korea. Jake Lee fraudulently misrepresented to NuGenesis that Probit was somehow favourably approved by the Korean Government, to induce NuGenesis into the mistaken belief that Profit had integrity.
NuGenesis is spearing no expense to prosecute Probit to the fullest extent. In addition to its commercial return, NuGenesis is using the Probit case study to expose the misdeeds of centralised exchanges. By doing so, NuGenesis is promoting its own exchange, LedgerX, as the only saviour for the crypto markets. Ledger X is a fully fledged crypto-fiat exchange that is decentralised. But unlike a DEX, it is faster than even centralised exchanges. NuGenesis is promoting decentralised exchanges as the only way in which users control their own keys and tokens and there is no single point of attack for hackers or those seeking to compel private information about users.
The revelations as to the causes of the current crypto market crash since May this year, are highlighting the exploitation of the market by centralised exchanges.
The knowledge of centralised exchanges of the order book to ‘front run’ its users; the artificial volume trade deceiving users as to the true liquidity and price; the knowledge of the leveraged positions of users and their consequent vulnerability to liquidations from price manipulations are some of the evils of the centralised exchanges that are being exposed. More disturbing of all, is the evidence that crypto balances on exchanges do not match the corresponding balances of that crypto in its blockchain explorer.
Creating a documentary series of videos, which NuGenesis is famous for, of the case study of Probit’s criminal frauds of each development as it occurs, will keep Probit and centralised exchanges in the attention of the crypto market and regulators.
How this tragedy of Probit’s abuse will unfold, is unknown, but will be on public display.
Exclusively covered by Crypto Signals and Inside Crypto.