Published: Sun, May 13, 2018
Entertaiment | By Minnie Bishop

Korea's Largest Virtual Currency Exchange

Korea's Largest Virtual Currency Exchange

Upbit is owned by Kakao, South Korea's largest tech company, and it's just one of several South Korean exchanges to face scrutiny from authorities. The terrible sentiment seems to be a reaction to reports that South Korea's exchange Upbit is suspected of fraud. "All the services of Upbit are operating normally and the traders' assets are securely stored in your account, so we ask our customers to be at ease using our service".

In the afternoon, when the news of raid entered the market, Upbit has been at the 4th spot in the top cryptocurrency exchanges with a 24-hour trading volume of $1.8 billion as per Coinmarketcap.

Reports indicate that the trading platform is suspected of fraudulent activity over inaccurate representations that it allegedly made regarding the amount of cryptocurrency it has in its possession.

South Korea houses a large percentage of the global market for cryptocurrencies-it ranks third in the whole world's largest markets for bitcoin trades.

As Chosun reports, a group of ten investigators from South Korea's Financial Supervisory Service arrived at Upbit's head office in Seoul Friday. After the digital forensics investigation on the seizures and confirming the illegal charges, we will decide whether and in what direction we will investigate further.

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"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.

Overall, the cryptocurrency market's reaction to the investigation into UPbit could be considered as an exaggeration to an ongoing investigation and investors on the trading platform are still able to trade and withdraw their funds. In March of this year, local authorities announced an investigation into crypto exchanges' corporate accounts in local banks, citing anti-money laundering (AML) compliance concerns. Given the way, one of the leading crypto exchanges, Coinnest's CEO has been arrested for embezzlement of funds, Upbit will have to go through audits and a lot more.

Do you think Upbit is guilty?

Images courtesy of Shutterstock and Upbit.

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