Bitcoin Resilient Following South Korean Exchange Raid

  • Bitcoin Resilient Following South Korean Exchange Raid

Bitcoin Resilient Following South Korean Exchange Raid

Upbit, which is backed by South Korean chat giant Kakao, is the fourth-largest cryptocurrency exchange in the world by 24-hour trade volume.

Those familiar with the raid indicate that investigators confiscated hard drives and accounting records that could provide insight into the allegations. To investigate about this matter South Korea's Financial Supervisory Commission (FSC) took over. Upbit is the largest exchange in Korea, so this raid will inevitably send shockwaves through the crypto industry in East Asia.

According to CoinDesk in Korea, investigators are from the Prosecutor's Office of the southern district of Seoul and they searched the head office of the exchange on May 10 and 11. The exchange support website had a notice confirming the investigation: "UPbit is now under investigation by the prosecution, and we are working diligently".

Plus, more than 12 cryptocurrency exchanges have also been asked to tighten customer protection. "The analysis is expected to take days", and that the final report on the UPbit case will be released next week.

Upbit, renowned as South Korea's largest crypto exchange, is making headlines today for a different reason that we're used to. Kim faces charges that he and other company executives siphoned money from accounts into their own.

Coinnest is still functioning, after its board announced that it has replaced the executive team of the company and will continue to operate as a local cryptocurrency trading platform. Finally the third down trend came with the announcement of the raid on the South Korean exchange.

Seoul has sought to cement the legitimacy and transparency of the cryptocurrency exchange sector this year, obliging operators to square their tax bills retrospectively for 2017 and adhere to a strict ban on anonymous trading. By December, it said it had 1.2 million subscribers, one million average daily users and an average daily transaction of 5 trillion won (around US$4.8 billion). That company's CEO has been accused of embezzling customer funds by transferring it into his own account. Do your market research before investing in cryptocurrencies.