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The largest cryptocurrency alternate in South Korea, Upbit, is suspected of fraud and is presently beneath investigation. The prosecutors have performed searches on the alternate and confiscated computer systems and accounting data.

Upbit Under Investigation

South Korea’s largest cryptocurrency alternate, the Kakao-backed Upbit is suspected of fraud, based on native media. While sustaining that clients’ property are nonetheless saved securely, the alternate posted the next assertion on its web site:

Upbit is presently beneath investigation by the prosecution, and we’re working diligently. Upbit services similar to all transactions and withdrawals are working usually.

South Korea's Largest Crypto Exchange Upbit Under Investigation for FraudUpbit is presently the world’s fourth-largest cryptocurrency alternate and the biggest in South Korea with a 24-hour buying and selling quantity of $1.812 billion on the time of this writing, based on Coinmarketcap. The alternate is affiliated with Kakao Corp which operates the nation’s hottest chat app, Kakao Talk.

Suspected of Fraud

Crypto of Korea defined:

The firm [Upbit] is suspected of transferring buyer funds from their cryptocurrency alternate account to a consultant or govt account…Korean prosecutors have performed search and seizure in opposition to the nation’s largest cryptocurrency alternate, Upbit, on costs of fraud.

South Korea's Largest Crypto Exchange Upbit Under Investigation for FraudAccording to the publication, the monetary investigation group of the Seoul Southern District public prosecutors’ workplace despatched prosecutors and investigators to Upbit headquarters on May 10 and May 11 “to secure computer hard disks and accounting records.” More than 10 investigators have been despatched to Upbit, Money Today added.

“After the digital forensics investigation on the seizures [seized items] and confirming the illegal charges, we will decide whether and in what direction we will investigate further,” the prosecutors have been quoted saying.

Accused of Deceiving Customers

Upbit allegedly “pretends to hold [virtual currencies] without holding virtual currencies,” the information outlet famous.

South Korea's Largest Crypto Exchange Upbit Under Investigation for Fraud“The prosecution believes that Upbit has entered [into] the computer system as if it had virtual currencies that it does not actually own, and deceived customers,” KBS elaborated. According to the prosecution, the Hankyoreh described, “Upbit has been suspected of carrying out ‘book-trading’ without holding virtual currencies in a wallet.”

The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have been investigating home crypto exchanges since March, based on Yonhap News. Their first goal was Coinnest the place the chairman, Kim Ik-hwan, was detained over embezzlement and fraud costs. According to Money Today, not like Coinnest, there is no such thing as a suspicion of embezzlement with Upbit.

Do you suppose Upbit is responsible? Let us know within the comments part below.

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