UPbit Suspected of Fraud (Krypto of Korea and more confirmed)

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

The financial investigation team of the Seoul Southern District public prosecutors’ office sent prosecutors and investigators to UPbit headquarters in the Gangnam District on the 10th and 11th of this month to secure computer hard disks and accounting records.

Prosecutors allege that the company has been transferring funds from customer accounts to a separate account. The separate account is suspected to belong to an 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.

The story has been confirmed by UPbit.

Source: http://news.cryptoofkorea.com/2018/05/11/upbit-suspected-of-fraud/

Illustraion: https://dcebrief.com/upbit-exchange-raided-crypto-markets-reel/