Korean Authorities raid Upbit – Suspect fraudulent activities

Upbit, the biggest cryptocurrency exchanges in South Korea and a leading exchange platform across the globe has been raided by the Korean Authorities over suspicion of fraudulent activities. The prosecutors have conducted search and seizure against Upbit.

According to sources, the Upbit offices were searched on Thursday and Friday and the investigation was conducted by the Financial investigation team of the Seoul Southern District Public. All the computers, hard disks and accounting records have been secured by the investigation team.

The investigation was conducted based on an allegation that Upbit has been transferring customer funds to sperate accounts and they believe that the account belongs to an executive of the exchange platform.

A few months back, a spokesperson of Upbit had spoken about South Korea’s Financial Supervisory stance of cryptocurrency and said that they are not going to oppose the regulations. They added that the market can’t be killed by imposing regulations. The spokesperson further added that the FSS should focus more on providing remedies to help cryptocurrency trading and blockchain technology better.

This is not the first time that an exchange platform has been scrutinized by the Korean authorities. Kim Ik-hwan, the Chairman of Coinnest was detained in the month of March over charges of fraud and allegations.

Twobugsfucking, a Redditor says:

“Don’t trust exchanges to hold anything more than what you’re actively trading with. And then, only one exchange, and make sure it’s not a spaghetti-coded fly-by-night shitfest of an exchange. It’s not hard to ID the legit ones (hint, most of your favorite moonshots aren’t listed there, and probably for good reason), so if you have to pick up micro-cap coins from shady exchanges just make sure they’re in your own wallet ASAP.”

Zoltan Balogh, a Twitterati says:

“I doubt any authority could draw a conclusion in a few hours. They usually take time to analyze and decide. Good luck with your shopping. Be sure to have fiat to buy the dip all the way down.”

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