UpBit is presently under investigation for fraud charges.

UpBit is a very popular exchange webpagina. According to statistics, it is the world’s Five th exchange te terms of daily trading volume (1). Every day, almost Two billion USD is traded on UpBit. It is also the fattest exchange ter South Korea. Te brief, it is one of the “big league” players.

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Well, maybe not anymore. UpBit is presently under investigation for fraud charges.

The famous exchange posted this message on its webstek today: “We are presently under investigation by the prosecution, and wij are working diligently. Upbit services such spil all transactions and withdrawals are operating normally.” While the message does not provide any details, the term “prosecution” does not sound too good. Third-party sources collective more details about this postbode. According to them (Two), here is what is happening right now:

  • Korean Financial Intelligence Unit (KIU), Financial Services Commission, and Seoul Police raided the headquarters of UpBit at Ten.00 AM this morning.
  • They have orders to seize the assets of UpBit and take control of the exchange.
  • This raid is very likely connected to previous raids happened ter South Korea last month (Three). Those raids targeted other exchanges ter the country. The police arrested four high-level executives during the raid.
  • UpBit and other exchanges are accused of fraud. To be more specific, the accusation is that high-level executives of thesis exchanges are transferring funds from customer accounts to their individual accounts.
  • Te addition, thesis exchanges are accused of pretending to hold posible currencies without holding any. Their laptop records demonstrate “fake” potencial currencies which do not exist.
  • Spil of now, nobody got arrested from UpBit. However, the prosecution seized the pc hard disks and financial records.

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If You Are Using UpBitā€¦

Spil a crypto-gambler, you are very likely using the services of an exchange and since it is the Five th one te the world, there is a big chance your funds are at UpBit too. This may be a good time to specie out. Spil of now, UpBit resumes to opoffering its services but wij are not sure how long this will last. Other people are already doing it. UpBit wasgoed actually the Two nd thickest crypto exchange ter the world only two days ago. Now, it is the fifth. People are withdrawing their funds and there is a big dump going on at the uur. There is no way to tell what will toebijten to your crypto funds since the company hard disks and financial records are seized. Ter brief, this may be a good time to bail out.

3 thoughts on “UpBit is presently under investigation for fraud charges.

  1. There is no reason for the webpagina to be offline for 24 hours, even if they have an significant maintanance work to do, they atleast need to keep the trading podium up and to disable withdrawals and deposits if they have a problem with them.

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