Most users trust Kakao implicitly.

Prosecutors ter Seoul’s Gangnam district have raided the offices of Upbit, arguably the country’s fattest cryptocurrency exchange toneelpodium.

Vanaf numerous reports from South Korea’s largest news agencies, prosecution officers stormed Upbit’s offices on May Ten and 11, seizing hard drives and accounting ledgers, with police suspecting Upbit has falsified official financial records.

Media outlets say prosecutors believe Upbit has claimed its cryptocurrency holdings are higher than they actually are – spil part of a broader effort to deceive investors. Vanaf news agency Yonhap, prosecutors obtained a search warrant on suspicion of “fraud and embezzlement.”

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Upbit has yet to comment directly on the news, but this afternoon posted an announcement on its official webstek, warning of the potential dangers of trading ter cryptocurrencies. The announcement reads, “Cryptocurrencies are traded around the world, 24 hours a day, 365 days a week, and can be exposed to rapid fluctuations due to speculative request, spil well spil switches to the Korean and overseas regulatory environment.”

Vanaf Ilyo Shinmun, prosecutors are also investigating the role played ter this case by the company’s voorzitter Lee Seok-woo. Lee is the co-founder and former CEO of Upbit’s parent company, KakaoTalk, part of the Kakao Group – one of South Korea’s thickest tech companies. He left his position spil CEO ter under a cloud, after charges blaming him for preventing the spread of child pornography on Kakao services. Late last year, he wasgoed nominated spil the fresh chief of Dunamu, Upbit’s technicus.

Crytpocurrency prices have plummeted te the country the wake of the news, albeit Upbit shows up to still be trading ter all currencies at the time of writing.

A software developer at another South Korean exchange told Cryptonews.com, on condition of anonymity, “I am flabbergasted. Everyone thought Upbit wasgoed totally above this sort of thing, due to its high standing. Most users trust Kakao implicitly. If this is true, it switches everything for the entire industry. The government is now very likely to crack down on exchanges – at least te the form of fresh regulations. There is strapped to be fallout.”

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News outlet Joongang says Upbit is the fourth largest stock exchange toneelpodium ter the world ter terms of 24-hour trading volume, and the company has vied with rival Bithumb for the national top spot te latest years.

Cryptocurrency forums on Naver and Telegram have bot attempting to investigate the meaning of this mysterious postbode, and speculated on its timing. The company, however, has refrained from further comment.

The news comes just overheen a month after the CEO of one of South Korea’s medium-sized exchanges, Coinnest, wasgoed arrested and charged with fraud and embezzlement, along with the head of another as-yet-unnamed Seoul-based exchange.

3 thoughts on “Most users trust Kakao implicitly.

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