Korean Exchange Upbit Suspected of Fraud: Transferring Customers Funds

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Korean prosecutors yesterday conducted search and seizure against Upbit, the nation’s largest cryptocurrency exchange, on charges of fraud.

The financial investigation team of the Seoul Southern District public prosecutors’ office sent investigators to UPbit headquarters in the Gangnam District on the 10th of May 2018 to secure computer hard disks and accounting records.

Findings (Upbit Suspected of Fraud)

Upbit suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account.

Prosecutors allege that the company has been transferring funds from customer accounts to a separate account. The separate account was suspected to be owned by a top executive at UPbit.

The prosecutors have been investigating domestic exchanges since March. The first target of the investigations was Coinnest. Last month, Kim Ik-hwan, chairman of Coinnest, was detained over charges of embezzlement and fraud.

 

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Francis Nwokike

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