Tuesday, 18 December, 2018

South Korea's largest crypto exchange Upbit raided by prosecutors

Korean Crypto Exchange Upbit Raided Amid Suspicions of Fraud Bitcoin (BTC) Price Dips following Mt Gox sell off and Raiding of Largest Korean Exchange
Ellis Copeland | 11 May, 2018, 21:04

"Upbit is now under investigation by prosecutors and is cooperating".

What are your views on South Korea's largest crypto exchange being raided?

The top digital token broke its streak Friday after South Korean prosecutors raided the offices of Upbit, one of the world's largest cryptocurrency exchanges, renewing concerns that heightened regulatory scrutiny around the world could hurt business and dampen enthusiasm for digital assets. The awful sentiment seems to be a reaction to reports that South Korea's exchange Upbit is suspected of fraud.

As the Prosecutors' Office reported, they had confiscated hard disks and accounting books but it would take some days to analyze the received data and to make conclusions.

Back in March, Cointelegraph reported that the Korean Financial Intelligence Unit (KoFIU) and the FSC were launching a joint investigation into the corporate accounts of certain Korean banks in an attempt to minimize and potentially eliminate money-laundering schemes.

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The prosecution suspects the company sold more virtual currencies than it owned and thus committed fraud. "Your assets are kept securely in your account, so you can rest assured that you can use UPbit services".

The investigation into UPbit is still ongoing and the local police is yet to release its finalized report on the situation. According to Hani, Coinnest was once the third biggest cryptocurrency exchange in South Korea, which also operated a major cryptocurrency mining operation. Original complainants were offered as much as 1 million won (approximately $900 US dollars).

The seizure of Upbit follows the arrests just over a month ago of four executives from two other Korean exchanges on charges of embezzlement and fraud, transferring billions of Korean won from customers' accounts to their own.

Lee Seok-woo, the company's president, is also under investigation for the role he may have played in Upbit's alleged fraud. Last year, he was appointed as the new chief of Dunamu, the company that operates Upbit. This boom alerted the authorities which led to the clampdown resulting in the drop down in crypto prices and trading activity.

Nevertheless, UPbit is not the first crypto exchange that has been raided by the local authorities this spring.

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