Largest Korean exchange Upbit suspected of fraud

11 May, 2018
by Jelmer van der Dussen
Breaking News
Largest Korean exchange Upbit suspected of fraud

The largest cryptocurrency exchange of South Korea, Upbit, is suspected of fraud, according to Korean media outlet eToday.

Prosecuters have conducted search and seizure at the nation's largest cryptocurrency exchange. Ten inspectors and investigators were sent to the head office in Seoul to secure computer hard disks and account books.

The prosecutors state that Upbit is suspected of deceiving investors.

Prosecutors in Korea have been investigating cryptocurrency exchanges since March, including Coinnest. Four CEOs and senior executives of two exchanges were arrested in April on charges of embezzling money of investors.

Upbit is the largest exchange of Korea in terms of volume and the fourth largest of the world. In the last 24 hours Upbit had a trading volume of $1.363.319.888. Bithumb is the second largest exchange of Korea with a volume of $865.539.637.

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