South Korea Investigates Upbit
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11 May
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South Korean Upbit, the fourth largest cryptocurrency exchange, is under investigation by local prosecutors and ten investigators, Chosun reported today. The investigators suspect that an Upbit executive account has been receiving funds from customer accounts. South Korea's biggest cryptocurrency exchange is operated by the subsidiary of Kakao, which is the country's largest tech conglomerate.

During the investigation, police will secure computers, hard disks, and all accounting records related to Upbit. However, Upbit published on their web-page a note ensuring that Upbit users can still have access to all of their assets.

South Korea Investigates Upbit
upbit.com
Hello it is UpBit.
Upbit is currently under investigation by the prosecution, and we are working diligently.


Upbit services including 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.

Thank you for using Upbit.


South Korean Crypto Executives Detained Over Alleged Embezzlement

Prosecutors started mass investigations of local crypto exchanges two months ago. Coinnest, another South Korean crypto exchange, was in the crosshairs of investigators, which eventually led to the detention of Kim Ik-hwan, the chairman of Coinnest accused of embezzlement and fraud.

By Nadya Astam

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