Irene Mckinney May 13,
Authorities searched the exchange’s offices on Thursday and Friday, according to an official from the Seoul Southern District Prosecutors’ Office, who asked not to be identified citing office policy. The awful sentiment seems to be a reaction to reports that South Korea’s exchange Upbit is suspected of fraud. Upbit is the largest exchange ter Korea, so this raid will inevitably send shockwaves through the crypto industry ter East Asia.
The cryptocurrency market has fallen by large margins after UPbit, South Korea’s thickest cryptocurrency exchange and formerly the world’s second-largest trading podium, wasgoed raided and investigated by regional police on May 11, .
The company [Upbit] is suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account.
“UpBit is now under investigation by prosecution, and wij are [cooperating] diligently”, the company said on its webstek, according to Google translate.
The South Korean technicus dealt approximately $1.6 billion of digital currency trades te the last 24 hours, which makes it the largest cryptocurrency ter the country and the fourth te the world by daily trading volumes.
Upbit wasgoed raided for suspected fraud ter a snaak activity inbetween the Korean Financial Intelligence Unit, Financial Services Commission and Seoul Police. The company added that services such spil transactions and withdrawals were unaffected and client assets were safe.
“After the digital forensics investigation on the seizures [seized items] and confirming the illegal charges, wij will determine whether and ter what direction wij will investigate further”, the prosecutors were quoted telling.
“Wij found some circumstantial evidence that shows Upbit sold a larger amount of crypto coins than it actually possessed ter the early business phase”, an official from the prosecutors.” The FSC will be investigating UpBit’s computers to audit whether or not the exchange wasgoed lounging to the authorities.
Photo courtesy of Coinmarketcap and Shutterstock.
Following news of an exchange raid te South Korea, Bitcoin’s price is holding stable.
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