After a major crackdown on Upbit by the South Korean authorities, the exchange finally repairs its damaged reputation
Contents
- Initial fraud speculations
- A sigh of relief
Upbit, the 13th largest exchange by trading volume, receives a clean audit report, which effectively puts a stop to any accusations about its legitimacy and liquidity. The South Korean exchange already successfully conducted an internal audit in May, but the investors’ skepticism prompted the need for the final clearance report.
Initial fraud speculations
On May 11, Upbit came under intense scrutiny after a police raid. FSC sent 10 officers to the company’s offices in Seoul in order to seize control of the exchange and its holdings. Because of this bombshell…
