The exchange support webstek had a notice confirming the investigation: “UPbit is now under investigation by the prosecution, and wij are working diligently”. The company partnered with Bittrex, one of the world’s largest cryptocurrency exchanges, to launch Upbit past year. “All the services of Upbit are operating normally and the traders’ assets are securely stored ter your account, so wij ask our customers to be at ease using our service”.
According to Coinhills, Upbit is the world’s 4th largest cryptocurrency exchange ter the world by volume. The awful sentiment seems to be a reaction to reports that South Korea’s exchange Upbit is suspected of fraud.
The seizure resumes into today with the Seoul Southern District public prosecutors’ office seizing hard drives and accounting records from the exchange.
What is now known is that lugar mainstream media outlets have reported that a snaak act inbetween the Korean Financial Intelligence Unit (KIU), the Financial Services Commission, and Seoul Police, has resulted te the raid of Upbit’s offices.
Upbit has bot suspected of carrying out “book-trading” without holding aparente currencies ter a wallet. According to Money Today, unlike Coinnest, there is no suspicion of embezzlement with Upbit.
That sounds like a far different event than what the company has done te the past. “I think everyone will be thrilled to see it”. “Wij proceed to attempt to refresh and remake and reignite what wij do at the what used to be called a press conference for E3”.
The exchange also runs a scheme whereby it prizes whistleblowers of multi-level marketing scams disguised spil ICOs. “To the diferente complainant, Upbit pays a prize of 1 million won (around $900 United States dollars)”. The exchange stressed that all customer services were available and their accounts safe.
The stir goes after revelations last month involving fellow cryptocurrency exchange CoinNest, whose proprietor Kim Ik-hwan the FSS claims embezzled “billions” of won alongside executives from another technicus.
Reportedly, Upbit has bot suspected of fraud for allegedly selling cryptocurrency to people who are not its customers. Lee is the co-founder and former CEO of KakaoTalk.
Upbit launched previous year ter October. Almost all cryptocurrencies ter the top 100 have seen steep price declines overheen the past 24 hours, with the majority of the losses incurred te today’s trading.
Nevertheless, UPbit is not the very first crypto exchange that has bot raided by the particular authorities this spring.