South Korean UpBit Cryptocurrency Exchange Raided By Police Over Fraud

South Korean UpBit Crypto Exchange Raided By Police

The biggest cryptocurrency exchange in South Korea, UpBit, is being investigated by local police and other investigators. According to the news outlet, Chosun, regulatory authorities believe that the exchange has been providing fake information to the government and its clients.

UpBit Investigated By KIU & FSC

On May the 10th, the Police in Seoul and investigators from the Korean Financial Intelligence Unit (KIU) and the Korean Financial Services Commission (FSC), raided UpBit’s headquarters in Seoul.

As mentioned before, the police believes that the exchange has faked its balance sheets. The FSC will be investigating UpBit’s computers to audit whether or not the exchange was lying to the authorities.

UPbit confirms they’re under investigation and thanks clients for using their services. from CryptoCurrency

The exchange informed its users that it was being investigated by prosecutors. Moreover, UpBit said that transactions, withdrawals and deposits were unaffected and that client’s assets are safe.

UpBit explained its clients:

“UpBit is currently under investigation by the prosecution, and we are working diligently. UpBit services such as all transactions and withdrawals are operating normally. Your assets are kept secureñy in your account, so you can rest assured that you can use Upbit services.”

At the moment of writing this article, Upbit is the third most important virtual currency exchange in the market, with a total trading volume of $2.24 billion dollars in the last 24 hours. The most important trading pairs are EOS/KRW, TRX/KRW, and BTC/KRW, accounting for more than 40% of the total trading volume of the platform.

Crypto Market Continues To Fall

Sea of red after Upbit news comes in from Korea: market drops to $400 billion from CryptoMarkets

The virtual currency market reacted very negatively to these news. Most of the cryptocurrencies in the market operated negatively, only three were able to remain in the green zone. Bitcoin (BTC), is being traded 7.23% down in the last 24 hours, Ethereum (ETH) is losing 9.23% and Ripple (XRP) 11.82% in the same period of time.

In the past, Coinnest, one of the most important exchanges in South Korea, was accused of stealing users funds. Its owner was arrested for allocating Coinnest’s funds to his personal crypto account.

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