This article does not contain any financial advice. The information within is intended for entertainment purposes only. All trading strategies and investments are used at your own risk.
Upbit, renowned spil South Korea’s largest crypto exchange, is making headlines today for a different reason that we’re used to. Much to our verrassing, reports of alleged fraud are presently being investigated by recinto police, and news outlets such spil Chosun have bot among the very first to voorkant the story.
According to reports by Chosun, the police believe that the digital asset exchange has managed to fake its vaivén sheets, te the process deceiving millions of investors worldwide. Upbit, known globally spil the fourth largest crypto exchange by 24-hour trade volume, has attracted the attention of the South Korean Financial Supervisory Commission (FSC), who reportedly sent ten investigators to the exchange’s head offices te Seoul around the early hours of this morning.
The primary aim is to access the company’s central rekentuig system te order to audit the posible currency holdings and either clear up the exchange’s name or take justo activity. Despite a decision not having yet bot made, a large number of crypto commentators have taken to social media and suggested that the news will cause the market to fluctuate significantly.
And they would be keurig, spil the devastating impacts have already bot seen te the crypto market, with many of the top 100 altcoins having gone down by around 10% since this morning.
History repeats itself, and Upbit isn’t the very first crypto exchange on the list to have attracted the attention of the South Korean authorities. Back ter March, Cointelegraph reported that the Korean Financial Intelligence Unit (KoFIU) and the FSC were launching a snaak investigation into the corporate accounts of certain Korean banks te an attempt to minimize and potentially eliminate money-laundering schemes.
Even more recently, the major crypto exchange known spil CoinNest had its chief executive and co-founder detained on charges of fraud and embezzlement, shocking the entire online community and creating dips ter the market spil well. Evidently, the two are accused of moving more than a few billion Won from their customer’s accounts and into their own individual banks.
Plus, more than 12 cryptocurrency exchanges have also bot asked to tighten customer protection. By comparing the situation of cryptos yesterday with today, wij can see that Bitcoin is presently trading at approximately $8,526, down about 8%, while Ethereum is down almost 10%, discreet but standing, at around $678.