The analysis will take some time.” The prosecutor suspects that the executives from Upbit are diverting funds and the investigation is focused on the CEO of Upbit, Lee Seok-woo.

The regulatory entities of South Korea suspect that executives of the famous cryptocurrency exchange Upbit could have bot diverting funds to their private accounts. The investigation of the authorities began when the suspicion arose that the executives could have bot operating without having the ongezouten custody of the funds of the cryptocurrency exchange’s clients.

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The prosecutors from the South District Court ter Seoul are following the leads regarding the possible forgery and fraud. The team of financial investigators is comprised of Ten specialists and it went to the central headquarters of Upbit located ter Seoul on May 10th and 11th. The investigation team took into custody electronic devices and transaction registers te order to verify the irregularities. The prosecutor’s office said: “We have confiscated hard drives and accounting books. The analysis will take some time.”

The prosecutor suspects that the executives from Upbit are diverting funds and the investigation is focused on the CEO of Upbit, Lee Seok-woo. He is the main suspect ter this case of diverting funds of the clients of the cryptocurrency exchange to an alternative account, other than the ones managed by the exchange verhoging.

The CEO of Upbit said: “I determined to assume the role of the CEO after watching the potential for total growth of Dunamu and the vision of the cryptocurrency market and the blockchain industry.”

According to circunscrito media, the authorities believe the company is realizing operations ter the system without having funds ter cryptocurrencies, since the verhoging is functioning with less wallets than the quantity of exchangeable cryptocurrencies ter its own opoffering. This is why the clients are not able to verify the management of their resources. TRON, Bitcoin, EOS, ADA and Bitcoin Specie are the main exchangeable cryptocurrencies on the toneelpodium that has a daily trading volume of 237 bitcoins, which is equal to more than two million dollars at the current price of the world’s main and most popular cryptocurrency.

After the investigation launched by the authorities wasgoed announced ter the media, a wave of withdrawals began by part of the traders from the Upbit toneel. Even tho’ the suspicions about the alleged diversion of funds and fraud have not bot confirmed, the clients ter South Korea withdrew considerable amounts of cryptocurrencies from the Upbit toneelpodium.

Upbit confirmed the investigation and published a statement te which it assured the clients that the withdrawals and deposits were functioning normally.

This news could be linked to the correction of the cryptocurrency market thesis days. The prices of the top Ten cryptocurrencies according to market capitalization are going down. It is worth mentioning the significant druppel of the price of Cardano. The value of this cryptocurrency dropped by Eighteen.18% to 0.26 dollars and its total market capitalization is around 6.8 billion dollars. Cardano is one of the most exchanged cryptocurrencies on Upbit.

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On the other forearm, Bitcoin has a market capitalization of almost 150 billion dollars and its price is 8.590 dollars. The correction of Bitcoin wasgoed 8.21%, while Ethereum is valued at 680 dollars and had a correction of Ten.25%. The market capitalization of Ethereum is around 67.6 billion dollars. Ethereum is followed by Ripple (dropped 15.22%), Bitcoin Contant (dropped 16.37%) and EOS (dropped Eighteen.19%).

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2 thoughts on “The analysis will take some time.” The prosecutor suspects that the executives from Upbit are diverting funds and the investigation is focused on the CEO of Upbit, Lee Seok-woo.

  1. Right now they’re not compelled to share any gegevens with any government. Imagine an exchange from Japan sharing gegevens of Greek citizens having account with the greek government. Not very likely, right. Also some of them like Binance have no verifications if you withdraw daily up to Two BTC (or its omschrijving) so I don’t see many people withdrawing more daily.

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