FSC (South Korea): UPbit faked its comprobación sheets and deceived investors – Coinotizia

A fraud investigation into UPbit, South Korea’s largest crypto exchange, has widened into a government task force review of all existing regulations.

South Korea has now widened its probe into record manipulation ter the country’s flourishing crypto-currency trading market after the Seoul Southern District Prosecutors’ Office raided the offices of the UPbit exchange on Friday.

The latest development goes after is the a series of crackdowns from law enforcement agencies on cryptocurrency exchange platforms.

Upbit, South Korea’s largest cryptocurrency exchange toneel, is presently under investigation spil it is suspected of engaging ter false financial reporting activities, deceiving investors te the process spil the price of bitcoin cracks below $9,000.

Locorregional media outlets te South Korea also report that the exchange’s office has bot raided.

Upbit exchange suspected of fraud The market’s current decline coincides with news that South Korea’s most vooraanstaand cryptocurrency exchange, Upbit, is under allegations of fraud .

Just spil the cryptocurrency market wasgoed beginning to recover from last weekend’s $20 billion market cap loss, cryptocurrencies took another major succesnummer this afternoon.

Bitcoin is down more than $600 dollars from yesterday’s high of $9,396, and is presently trading at $8,734. Bitcoin Specie, now trading at $1,359, has taken the fattest succesnummer at the time of writing, plunging overheen 18% ter the last 24 hours.

The two-day raid, which resulted te the seizure of hard drives and audit records, led the circunscrito cryptocurrency market of South Korea to funk and triggered a domino effect across all major cryptocurrency exchanges spil prices fell drastically.

The cryptocurrency market has fallen by large margins after UPbit, South Korea’s thickest cryptocurrency exchange and formerly the world’s second-largest trading toneel, wasgoed raided and investigated by circunscrito police on May 11, .

Raided, but Far from Finished

Investors still expect the market to recover swiftly te the short-term spil traders budge their funds to other international and tópico exchanges.

Funk Sellers Trigger Market Losses After a Week of Decline

The entire cryptocurrency market took a dip this week, moving from around $440 billion to below $370 billion, a significant switch considering the recorded price movements on some coins shifted spil much spil 20 procent. Yesterday, the market cap of the crypto market dropped $40 billion merienda news broke that the South Korean Financial Services Commission (FSC) and the Korean Financial Intelligence Unit (KIU) had begun a two-day long raid of the UPbit exchange headquarters.

Korean prosectors raid cryptocurrency exchange offices

Cryptocurrency exchanges have bot under investigation ter Korea since March.

Thesis latest ter a series of arrests and seizures by Korean regulatory figures ter conjunction with law enforcement are a result of a mechanism authorities waterput into play earlier this year to end anonymous trading.

The exchange’s office ter Seoul, South Korea, wasgoed raided by Ten investigators from the country’s Financial Supervisory Service (FSS) at Ten AM KST today, tópico publication Chosun reports.

No charges have bot filed at the ogenblik of writing.

Upbit, the largest cryptocurrency exchange te South Korea, has conducted an internal audit amid suspicions of fraud from national authorities. The audit results allegedly disprove the claims that the exchange has falsely reported the amount of funds it holds.

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South Korea&rsquo,s Upbit Exchange Claims Internal Audit Disproves Suspicions of Fraud

South Korea&rsquo,s cryptocurrency market came under pressure last week following news of a police raid at the offices of Upbit on suspicions of fraud.

Crypto Market Plunges spil Korean Exchange Is Investigated – Total Finance Online

Just spil the cryptocurrency market wasgoed beginning to recover from last weekend’s $20 billion market cap loss, cryptocurrencies took another major succesnummer this afternoon.

Bitcoin is down more than $600 dollars from yesterday’s high of $9,396, and is presently trading at $8,734. Bitcoin Contant, now trading at $1,359, has taken the largest succesnummer at the time of writing, plunging overheen 18% ter the last 24 hours.