Korea’s Crypto UPbit Raided by the Prosecutors

According to reports, prosecutors in South Korea raided the UPbit , the biggest crypto money market in the country .

According to CoinDesk Korea , auditors from the Prosecutor’s Office in the southern Seoul region were searching for the headquarters in the Gangnam-gu district of the stock exchange on May 10-11 .

UPbit is suspected for the charge of transferring the funds of the account users who are likely to be the account of the firm owner.

The Prosecutor’s Office said:

“We have secured hard disks and accounting books through confiscation. Analysis is expected to take days,”

CoinDesk Korea’s reporters couldn’t take any comments from UPbit aouthorities. They just said; “Can not respond to anything about this issue at the moment”. But the exchange’s support website confirmed the investigation by saying;

“UPbit is currently under investigation by the prosecution, and we are working diligently. UPbit services such as all transactions and withdrawals are operating normally. Your assets are kept securely in your account, so you can rest assured that you can use UPbit services.”

After the authorities tighten regulations on crypto money exchanges there were some bad news about three cryptocurrency exchanges in the country. Three  cryptocurrency exchanges- one of them is Coinnest, the fifth largest in Korea at the time- were raided on suspicion of siphoning off funds from customers’ accounts by the prosecutors  in March.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.