Bitcoin Resilient Following South Korean Exchange Raid
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The prosecution said on May 11 that it has raided the offices of Upbit, one of the largest cryptocurrency exchanges in Korea, over the past two days.
South Korea's largest cryptocurrency exchange Upbit has been raided by the South Korean authorities over suspected fraud.
According to major mainstream media outlet Chosun, 10 officers from the various enforcement and regulatory bodies went to the Upbit head office in Gangnam-gu, Seoul, this morning with orders to take control of the exchange and its assets. Back in March, Cointelegraph reported that the Korean Financial Intelligence Unit (KoFIU) and the FSC were launching a joint investigation into the corporate accounts of certain Korean banks in an attempt to minimize and potentially eliminate money-laundering schemes.
This latest suspected fraud comes at a time of increased scrutiny in South Korea and Asia in general.
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Upbit is a relative newcomer to the cryptocurrency market in South Korea but has quickly established itself as the largest exchange by trade volume in the nation.
"If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a cash award will be given to the first reporter of the illegal recruitment case". As a result, it is rather clear that the Mt. Gox trustee is trying to sell its funds on cryptocurrency exchanges.
Meanwhile, the exchange operator's development team stated that the platform is still operational and will continue to service users until further notice is sent by the local police. They were at the center of controversy in December past year when they refused to join other South Korean exchanges in support of self-regulation.
According to reports by Chosun, the police believe that the digital asset exchange has managed to fake its balance sheets, in the process deceiving millions of investors worldwide.
Local police and investigators discovered that the funds of clients were sent to the personal accounts of executives at Coinnest and immediately arrested its president. "UPbit services such as all transactions and withdrawals are operating normally".
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