The company allegedly permitted the trading of cryptocurrencies it didn’t own by rigging its system to indicate that the coins were ter its possession.

Posted on May 11,

Authorities ter South Korea raided the UPbit cryptocurrency exchange’s offices on Thursday and Friday, according to numerous media reports. Prosecutors reportedly believe that the exchange had deceived customers by selling digital currencies that it did not hold. News of the raid emerges to have contributed to a broad decline ter cryptocurrency prices on Friday.