Largest South Korean Exchange Under Investigation for Fraud Suspicion

Home / Largest South Korean Exchange Under Investigation for Fraud Suspicion

Local prosecutors carried out searches at the Upbit exchange offices and confiscated computers and accounting data. According to the financial investigation team of the Seoul Southern District, the company “is suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account.” Upbit is also suspected of holding virtual currencies that it does not actually own. Despite the investigation, the services such as all transactions and withdrawals are operating normally.

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