Upbit under investigation for fraud

South Korea’s largest cryptocurrency exchange, Upbit is been investigated for fraud. The officials have conducted searches at the exchange and also seized several computers and records related to the fraud.

Upbit is world’s 4th largest and South Korea’s largest cryptocurrency exchange. The company has said that the customer’s assets are still safe under the investigation. The company also stated that:

Upbit is currently under investigation by the prosecution, and we are working diligently. Upbit services such as all transactions and withdrawals are operating normally.

The financial investigation team of Seoul Southern District public prosecutors sent investigators to the company.

The officials seized the various computer, hard drives and other stuff which are related to the fraud.

About Fraud:

The Crypto of Korea related a statement about fraud:

The company [Upbit] is suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account…Korean prosecutors have conducted search and seizure against the nation’s largest cryptocurrency exchange, Upbit, on charges of fraud.

After investigators finished up with the investigation and the decision to review the evidence and then prepare the direction of the case. In a statement:

After the digital forensics investigation on the seizures [seized items] and confirming the illegal charges, we will decide whether and in what direction we will investigate further,

Source: news.bitcoin.com

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