South Korean exchange UPbit is accused in fraud

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South Korean exchange UPbit is accused in fraud

The authorities of South Korea accuse the country’s largest cryptocurrency exchange UPbit in fraud. The Prosecutor’s Office of the Southern District of Seoul visited the company’s headquarters on May 10 and 11. During the audit, hard disks of the computers containing, in particular, data about accounts were seized.

According to the law enforcement agencies, the company transferred user funds to a separate account, which is allegedly owned by the management of the trading platform.

Information about this is also confirmed by the cryptocurrency analyst and journalist Joseph Young:
“We have been inside the Korean market for half a year already and know the underwater currents. Alas, there is a high probability of a corporate war with the second South Korean large exchange. One of our Korean agents sent a link, from which it follows that the leadership of Bithumb may be implicated in this scandal with the aim of spoiling the life of a competitor.

They are old rivals, they even compete in who will quickly flood the new token after the neighbor’s listing, so we do not exclude the option of corporate wars in this situation, “said Yuri Gugnin, CEO of
South Korean authorities detained four representatives of two local cryptobirks in Seoul on suspicion of illegally appropriating “billions of won” in Seoul.

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