Bitcoin Dips Below $9000 As Upbit Investigation Worries Korean Traders
13 May, 2018, 09:19 | Author: Pamela Mathis
Upbit was raided for suspected fraud in a joint action between the Korean Financial Intelligence Unit, Financial Services Commission and Seoul Police.
Investigators handling the case believes that Upbit falsified the information on its balance sheet in order to defraud investors. According to Chosun, the investigators seized hard drives and accounting records between the dates of May 10th and May 11th. "Analysis is expected to take days", the authorities said, adding that the final report on UPbit is expected next week.
UPbit is a crypto-only exchange that is managed by a subsidiary of Korean tech giant Kakao.
Talking about how it all started, for the past few months, South Korea has taken a strong stance and introduced tough regulatory rules to clampdown on the cryptocurrency exchanges in the wake of the rising frauds and scams.
The local authorities searched the exchange's offices on Thursday and Friday, Bloomberg said, citing an unnamed official from the Seoul Southern District Prosecutors' Office.
Reportedly, about $637.5 billion won has also been exchanged illegally in foreign currencies which further resulted in the ban of cryptocurrencytrading involving unidentified accounts.
The exchange's notice to clients reads: "UPbit is now under investigation by prosecutors and is cooperating".
The exchange confirmed that it was under investigation by prosecutors and was cooperating with them.
"Upbit services such as all transactions and withdraws are operating normally. Your assets are kept secureñy in your account, so you can rest assured that you can use Upbit services". The crypto exchange is considered to be the world's fourth largest and the Korean first largest exchange by its 24-hour trade volume.
The prosecution has also directed an investigation towards the companies into cryptocurrencies.
In April, CoinNest's co-founder and chief executive Kim Ik-hwan was held on charges of embezzlement and fraud. Chatter at the time suggested that the McGox custodian who has been tasked with selling off a large number of shares from the bankruptcy of Mt. Gox was dumping shares and this led to the market taking a dip.
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