Similar raids were reported at three other exchanges te March, including a raid at the Coinnest exchange.

Posted on May 11,

Authorities te 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 te cryptocurrency prices on Friday.

The hechtenis followed shortly after the Korean government passed down regulatory guidelines for cryptocurrencies te the country and began auditing their activities.

Business

By Cecille den Jesus

May 11,

The news caused users to withdraw their funds plus 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.

This serves spil yet another reminder to Bitcoin IRA investors only to overeenkomst with trustworthy businesses with established track records te order to minimize your susceptibility to fraud.

South Korea’s Largest Cryptocurrency Exchange Investigated for Fraud

UPbit, South Korea’s largest cryptocurrency exchange, has come under scrutiny from South Korean officials after allegations of fraud. The exchange’s head office wasgoed raided last week spil part of an investigation into those allegations.

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.