Upbit, the largest cryptocurrency exchange in South Korea, has conducted an internal audit amid suspicions of fraud from national authorities. The audit results allegedly disprove the claims that the exchange has falsely reported the amount of funds it holds.
South Korea’s Upbit Exchange Claims Internal Audit Disproves Suspicions of Fraud
South Korea’s cryptocurrency market came under pressure last week following news of a police raid at the offices of Upbit on suspicions of fraud. The joint action between the Korean Financial Intelligence Unit (KIU), Financial Services Commission, and Seoul Police gave orders to 10 officers to take control of the exchange and its assets.
The suspicions of fraud led a large number of Upbit customers withdrawing their digital assets as a preventive…
