S. Korea Largest Crypto Exchange UPbit Has Been Raided By Police For Fraud

S. Korea Largest Crypto Exchange UPbit Has Been Raided By Police For Fraud

cryptocurrency exchange News
May 11, 2018 by Sandra Onyeiwu
1518
The Kakao-backed cryptocurrency exchange UPbit has undergone search and seizure conducted by Korean prosecutors on the charges of fraud. The exchange’s office in Seoul, South Korea, was raided by 10 investigators from the country’s Financial Supervisory Service (FSS) at 10 AM KST today, local publication Chosun reports. The investigators have reportedly seized Upbit’s computers and
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The Kakao-backed cryptocurrency exchange UPbit has undergone search and seizure conducted by Korean prosecutors on the charges of fraud.

The exchange’s office in Seoul, South Korea, was raided by 10 investigators from the country’s Financial Supervisory Service (FSS) at 10 AM KST today, local publication Chosun reports.

The investigators have reportedly seized Upbit’s computers and account sheets to review the company’s cryptocurrency holdings.

In a statement, the Prosecutor’s Office said:

“We have secured hard disks and accounting books through confiscation. Analysis is expected to take days. “

Asked to comment, UPbit representative declined to elaborate, saying that “At this time, I cannot answer anything about this seizure.”

UPbit is the country’s largest cryptocurrency exchange and has been working hard towards making the crypto sphere safe in the country. Back at the end of March 2018, the crypto exchange had launched a system which rewarded its users who identified fraudulent multi-level schemes existing in the crypto sphere.

UPbit is yet to make a clarification on this fraud allegation but has confirmed that they are been investigated by the police and has assured it’s users that their Resources on the exchange are secure and normal trading is still in operation.

“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 securely in your account, so you can rest assured that you can use UPbit services.”

South Korea has been one of the most active nations when it comes to the cryptocurrency trade. However, the government has been very strict in dealing with crypto-related crime in the country. There have been numerous cases of cryptocurrency related fraud in the nation.

The recent slide in cryptocurrency prices is being attributed to this investigation, as the Upbit cryptocurrency exchange is not only the largest in Korea but also the third largest globally.

 

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