UPbit Undergoes Search and Seizure, Suspected of Fraud
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UPbit Undergoes Search and Seizure, Suspected of Fraud

The Kakao-backed cryptocurrency exchange UPbit has undergone search and seizure conducted by Korean prosecutors on the charges of fraud.

UPbit is the country’s largest cryptocurrency exchange and has been working hard towards making the crypto sphere safe in the country. Back at the end of March 2018, the crypto exchange had launched a system which rewarded its users who identified fraudulent multi-level schemes existing in the crypto sphere.

Now, however, the crypto exchange has been identified to be transferring funds for the accounts of its customers to some other account. This account is suspected to be of an UPbit executive.

On 10th and 11th May 2018, prosecutors and investigators were sent to UPbit’s headquarters in the Gangnam District by the financial investigation team from Seoul Southern District public prosecutors’ office to confiscate the accounting records and computer hard disks of the crypto exchange.

 

There have been multiple investigations on the domestic exchanges by the prosecutors since March 2018—the first target of which was Coinnest. Back in April 2018, the Chairman of Coinnest, Kim Ik-hwan, was detained for charges of fraud and embezzlement.

UPbit cryptocurrency exchange’s operator, Dunamu, had officially announced on 9th May 2018 that it had opened the UPbit Cryptocurrency Index (UBCI). The index is provided and calculated by UPbit and is designed to help new and experienced investors to grasps the movements in the cryptocurrency market quickly. It comes with 45 different kinds of indices which are divided into four categories—theme index, reference index, market index and strategy index. Out of all of the four categories, theme index, market index, and strategy index are already available in the market. Reference index would hit the market in June.

With all that the crypto exchange is doing the crypto industry, the news comes as a huge disappointment to the crypto enthusiasts.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.