Biggest Korean Exchange Gets Raided

Upbit the biggest Crypto Exchange in South Korea was raided today as reported by Etotoday, they have been suspected of fraud. According to the report Seoul’s District Prosecutor sent 10 investigators to the head office of Upbit in Gwangnam-gu, Gangnam-gu, Seoul on 11th.

Upbit is backed by the internet giant of Korea Kakao and is the fourth largest exchange in the world and the biggest in South Korea.

The prosecutors have reportedly seized all the hard drives and accounts from the exchange

An officer from the prosecutors’ office told theinvestor:

“We found some circumstantial evidence that shows Upbit sold a larger amount of crypto coins than it actually owned in the early business phase”

The markets have taken a dip since yesterday, Bitcoin has dipped over 6% and one the reasons may be that the South Korean traders have started to sell.

Upbit BTC/KRW      market:

South Korean regulators have been cracking down on Crypto exchanges since a long time. In January tax officials had raided Bithumb and Coinone as they want to tighten the regulations and avoid money laundering. The officials have also been closely investigating the Crypto ventures and have also raided some ICO’s, banned minors, etc.

Upbit also issued a notice to its users that they are under investigation and that the funds are safe. The transactions and withdrawals are running smoothly.

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