South Korea Police Raids Country – s Leading Cryptocurrency Exchange

South Korea’s largest cryptocurrency exchange Upbit wasgoed raided by recinto police under allegations of fraud, específico mainstream media outlets reported.

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Upbit Office Raided

Te a snaak act inbetween the Korean Financial Intelligence Unit (KIU), Financial Services Commission, and Seoul Police, the offices of South Korean cryptocurrency exchange were raided this morning at Ten am under allegations that the exchange has falsely reported the amount of funds it holds.

According to major mainstream media outlet Chosun, Ten officers from the various enforcement and regulatory bods went to the Upbit head office ter Gangnam-gu, Seoul, this morning with orders to take control of the exchange and its assets.

Upbit is a relative newcomer to the cryptocurrency market te South Korea but has quickly established itself spil the largest exchange by trade volume te the nation. The exchange launched the very first domestic cryptocurrency index te Korea te March dubbed the UBCI (Upbit Crypto Index), “in a bid to help crypto investors better understand overall market trends.” according to a statement released at the time

Upbit wasgoed launched te September of 2018 by fintech startup Dunamu which also operates the countries most popular stock trading app Kakao stock.

Ironically the exchange began paying users to identify multilevel scams (pyramid schemes) funding under the guise of being an ICO. The system aimed to prevent harm due to illegal fraud and to create a sound cryptocurrency ecosystem. According to a statement by the company which went on to read,

If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a contant award will be given to the very first reporter of the illegal recruitment case. To the innovador complainant, Upbit pays a prize of 1 million won (around $900 US dollars).

A Rash of Crypto Criminal Arrests

The seizure of the Upbit offices comes just overheen a month after four high-level executives from two other Korean exchanges were arrested on charges of embezzling customers funds. Among those arrested wasgoed Kim Ik-hwan, co-founder, and CEO of Coinnest. All are accused of transferring funds worth billions of Korean won from clients accounts to their own.

Thesis latest ter a series of arrests and seizures by Korean regulatory figures te conjunction with law enforcement are a result of a mechanism authorities waterput into play earlier this year to end anonymous trading. Regulators have conducted inspections of the leading commercial banks ter order to target the aparente accounts crypto exchanges use to manage their clients money.

2 thoughts on “South Korea Police Raids Country – s Leading Cryptocurrency Exchange

  1. Do not listen to McAfee he is a stortbad,he twitted binance wasgoed hacked but they werent it might cause another funk this McAfee doesnt know how powerful his words are,because most of his followers are blinded by the anti-virus thing but he himself should be cleaned because viruses are providing him a loterijlot of delusions.I never thought binance would be hacked because it is one of a kleuter which has the most secured exchange system.

  2. Binance’s altcoin trading volume is the very first te the world, and the number of users is the very first ter the world. This maintenance should be only a database problem. Albeit the maintenance time is relatively long, there is no need to worry about it.

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