Update After 90 Days on the UPbit Cryptocurrency Exchange Raid in Korea
90 Days After Koreas Largest Raid On A Cryptocurrency Exchange, Here’s What’s Happening
Upbit was the largest crypto exchange in Korea, it just so happens it was also raided about 90 days ago. Korea’s government has still managed to release no information on what happened during the raid. There is a good possibility the investigation didn’t find anything.
Local authorities in the country received inside information leading to suspicion of price manipulations by the exchange. Other issues supposedly happened like balance sheet inflation according to the KFIU or Korean Financial Intelligence Unit. The KFIU was the party responsible for seizing the numerous technological devices like hard drives and computers that contained financial information. Locals in the area stated that the government was tipped by unknown but inside sources who reported Upbit was running illegal operations to increase the personal revenue of several members.
90 days after the raid, however, the local authorities have still given no report or even pressed charges against the company, likely because they didn’t find anything during the investigation, which was said to be excessively hostile in all speculative ways. Korea’s government has recently been taking strong actions against agencies that perform unneeded examinations without proper evidence to support them.
Police in the country has been reprimanded time and time again by cryptocurrency agencies backed by local government officials. Investors are sick and tired of the harassment performed by Korean authorities who intensely monitor them while also attempting to control them, even when the company in question is legitimate. At this point, there is no denying the government of Korea is too blame in the case.
Crypt-companies are fighting hard to stop any oppression by local agencies of any kind, especially those who are of a financial nature. Once UPBit proves they managed all funds and recorded them accurately, they will be found innocent. Financial agencies will no longer be able to pursue a case against the exchange, and it will also help protect other crypto or blockchain companies from government attack as well. And, at this time, it would appear from all government documented reports that UPBit did hold the correct amounts of cryptocurrency – the audit performed on the company proved it – which means they are factually innocent.
The cryptocurrency community hopes that the harassment ends with UPBit, allowing other companies the ability to continue with their legitimate operations. More protection for new startups is required in Korea, where until now, government agencies have had far too much leeway when performing faulty investigations that are unwarranted.
As long as the case progresses as it is, it will be considered a positive move in the right direction for crypto agencies in Korea. More startups are sprouting in the region, and without room to perform their needed operations, the crypto-sphere in Korea will suffer much. But hopefully, after this mess is over, they can move forward in the industry and grow to become one of the largest blockchain/crypto leaders in the world.