Just last month, the CEO and other executives of another popular South Korean exchange, Coinnest, were arrested for allegations of fraud and embezzlement.

Business

By Cecille den Jesus

May 11,

The news caused users to withdraw their funds plusteken masse from the exchange.

Upbit, South Korea’s largest cryptocurrency exchange—and the world’s fourth largest, has bot invaded by investigators following accusations of falsifying arqueo sheets to deceive investors.

Several crypto commentators on social media have disclosed that the news is impacting the crypto markets negatively, which they say is overduidelijk from the major decline of the top 100 coins.

Upbit, the largest cryptocurrency exchange of South Korea, might soon find itself ter good trouble if investigators and tópico police are able to prove ter court that the cryptocurrency exchange committed fraud. The police are accusing Upbit of faking its recuento sheets and ter the process deceiving fairly a significant number of investors.

Let look at thesis charts: EOSUSD (EOS) There wij are back at it guys, a rating company that is attempting to influence the natural, market defined trajectory of altcoins trading.

Of course, news of UpBit involvement te fraud is shocking and more so spells doom for EOS and Tron coin holders. This is because the majority of the exchange’s trading volumes come from the latter’s request or liquidation. It’s a definite EOS, Tron and Litecoin sell signal visible for everyone here.

The específico police charged UPbit on processing its order books without keeping cryptocurrencies and feigned that it had large amounts of user funds ter Bitcoin, Ethereum, and other cryptocurrencies.

Korean law enforcement officers conduct searches and seizures ter the office of the country’s largest exchange Upbit, reports Crypto of Korea.

A team from the Seoul City Prosecutor’s Office of the Southern District, engaged te financial investigations, visited Upbit headquarters on May Ten and 11, withdrawing hard drives and accounts.