South Korea biggest crypto exchange Upbit under investigation

South Korea biggest crypto exchange Upbit under investigation

There is bound to be another wave of volatility in the cryptocurrency global markets as Upbit, South Korea’s largest exchange is being investigated for fraud.

According to local media sources, the Kakao-backed company is being investigated despite maintaining that “assets are still kept securely”

Upbit confirmed in a statement on its website that:

“Upbit is currently under investigation by the prosecution, and we are working diligently. Upbit services such as all transactions and withdrawals are operating normally.”

According to Crypto of Korea, cited by Bitcoin.com,

“The company [Upbit] is suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account…Korean prosecutors have conducted search and seizure against the nation’s largest cryptocurrency exchange, Upbit, on charges of fraud.”