Korea's largest cryptocurrency exchange would be investigated on suspicion of fraud

UPbit, the largest exchange of cryptocurrencies in South Korea and which in turn is managed by a subsidiary of the technology company Kakao, is being investigated by the authorities in the country because of alleged fraud in its operations.

The exchange house would have been raided by investigators belonging to the Prosecutors' Office of the southern district of Seoul at its headquarters located in the Gangnam-gu district. It should be noted that UPbit is currently the fourth worldwide exchange in terms of transaction volume in 24 hours.

The police in their investigations suspect a manipulation in the balance sheets with the sale of cryptocurrencies that they do not possess, deceiving in this way the investors. The authorities also assured for their subsequent analysis, the hard disks and accounting books by confiscation.

In the same way, the Financial Supervision Commission of South Korea (FSC), today ordered ten researchers of its agency to audit the assets held by the exchange office through access to its computer system at its head office .

Also, the official site of the exchange dedicated to the support confirmed the investigation by means of a published note, indicating in the same way that its operations still remain in operation.

In part of the note they indicate the following:

The prosecution is currently investigating UPbit, and we are working diligently. UPbit services, like all transactions and withdrawals, function normally. Your assets are kept securely in your account, so you can be sure that you can use UPbit services.

However, according to the perception of the community, this news has caused noise in the cryptocurrency markets affecting the performance of the same.

This fact, apart from being carried out in the midst of the regulatory adjustments that are taking place in the nation, is added to the recent investigations that the authorities of the country have initiated against the exchanges, due to the suspicion of non-compliance with the measures adopted against them. the money laundering