Shifting the blame Instead of wielding up to any wrongdoings, UPbit officials seem to be putting the blame on Bittrex, claiming most of its transactions are made through it.

by Coin AIO 1 month ago (UTC) 1068 views 367

Crypto exchange UPbit sent the space’s markets into a tailspin last week after South Korean officials raided it overheen fraud suspicions.

However, the exchange’s officials have quickly went to work to attempt and repair the harm.

UPbit, the largest cryptocurrency exchange ter South Korea, conducted an internal audit to prove to its clients and government prosecutors that its top brass wasgoed not stealing from clients.

Korea’s Financial Watchdog, the FSS, to Participate ter Investigation of UPbit

The Financial Supervisory Service (FSS) of South Korea will be participating ter the investigation into the country’s thickest cryptocurrency exchange UPbit.

FSS will be aiding the Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC) te taking a look into the oscilación sheet of UPbit and current regulations on cryptocurrency exchanges.

The analysis will take some time.” The prosecutor suspects that the executives from Upbit are diverting funds and the investigation is focused on the CEO of Upbit, Lee Seok-woo.

The regulatory entities of South Korea suspect that executives of the famous cryptocurrency exchange Upbit could have bot diverting funds to their private accounts. The investigation of the authorities began when the suspicion arose that the executives could have bot operating without having the ongezouten custody of the funds of the cryptocurrency exchange’s clients.

The FSC and the Korean Financial Intelligence Unit (KoFIU) recently pronounced a snaak investigation into the corporate accounts ter Korean banks of the crypto exchange.

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

After Kakao’s latest announcement to launch a blockchain toneelpodium, fraudsters already hopped te to pineut people with a fake ICO of Kakao Coin.

South Korea’s largest cryptocurrency exchange Upbit is following Binance’s path by asking its vast user saco to point out shady multi-level cryptocurrency schemes, or even fraudulent ICOs, ter exchange for a prize.

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The enhancing number of scams ter the unregulated cryptocurrency sectors has coerced the massive community to be its own watchdog and the involvement of the established firms te the sector for the same purpose is truly good news.

Bitcoin and Other Major Coins to Begin Korea Joongang Daily reports that “during the initial stage of the service, Upbit will mainly treat bitcoin and other major alternative coins such spil ethereum, ripple and litecoin with trading volume exceeding a certain amount.

Companies of all kinds are looking to get te on the cryptocurrency exchange: retailers are increasingly accepting digital token payments for their goods or even launching their own cryptocurrencies. Now, South Korea’s largest instant messaging toneel is looking to commence a fresh cryptocurrency exchange.

EOS MAINNET LAUNCH

What is EOS: Ethereum Operating System(EOS) wasgoed developed by Block.one, which comes with Dan Larimer, who previously invented Bitshares and co-founded Steemit. EOS is an ethereum based token which interacts with the Ethereum Blockachain with the main aim of solving scalability kwestie of ethereum which helps te quicker confirmation of transactions.

EOS Technical Analysis: (EOS

EOS is making a pauze for it, presently surging overheen 26% ahead of BTC on the back of fresh support from South Korean investors. At the time of writing, Upbit and Bithumb exchanges are collectively responsible for overheen 42% of EOS trades, against their native KRW currency. Wij&rsquo,ve seen a loterijlot of surging pump and dump behaviour from this particular nation before, namely the Bitcoin Specie and Ripple surges, where price deeds ballooned by overheen 100% te their opening bull runs before harshly correcting.