Cryptocurrency Exchange UpBit Raided by Korean Officials

Published on: 11 May, 2018

South Korean officials raided the country’s largest cryptocurrency exchange, Upbit, on Thursday and Friday night on suspicion of fraud, reported Reuters, citing Yonhap News.

Yonhap did not provide any further details. Neither Upbit nor the financial investigation team of the Seoul Southern District public prosecutors’ office commented on the matter.

“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.” said on UpBit’s website.

UpBit is the fifth largest cryptocurrency exchange, according to CoinMarketCap, with nearly $200 million of circulating value in the past 24 hours.

Cryptocurrency price slipped on Friday morning following the announcement of the raid. Bitcoin prices fell by 8.1 percent to $8,606. Ethereum prices fell by 10.85 percent, while Ripple prices fell by 12.7 percent.

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Danny Abramov

Email: danny@financialinsiders.com

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