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Investor accused Upbit of postponing coin transfer before Luna cash

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  • A crypto investor has allegedly accused Upbit of postponing the Luna coin transfer.
  • The crypto exchange is currently looking after the details of the proceedings. 

On Monday, Korea Joongang Daily revealed that Dunamu Inc., one of the highest valued startups in South Korea, which manages a cryptocurrency exchange, Upbit, has been accused by a crypto investor.

The crypto investor claimed that Upbit postponed initiating his coin transfer off the exchange before the coin crashing. As a result, it experienced a financial loss of 156 million won ($112,477). Upbit comes under the top crypto exchanges in South Korea.

The case filed with the Seoul Central District Court one week ago claims that the investor tried to transfer 1,310 luna coins on March 24 by using his Upbit crypto wallet to a wallet he has at Binance for exchanging the coins for Vietnamese dong. On that same day, the value of LUNA stood at $92.79 per coin. At the beginning of May, it fell to about zero.

Binance informed the investor on the next day that his coins had been given back because of an issue with the process of transfer. But, the coins were not highlighted in his Upbit wallet. After investigating, Upbit revealed that his coins were unintentionally credited in the crypto wallet of the exchange and that their return was postponed because of the account verification process as ordered by law.

The 27 rounds of questions.

The Act of Reporting and Use of Certain Financial Transaction Information was revised in South Korea to manifest the Financial Action Task Force (FATF)’s Travel Rule. The revision was carried out on March 25, which needed digital asset service providers of the country to authenticate the sender and receiver details of crypto transactions.

The attorney of the investor claimed that the investor asked the exchange almost 27 times when his luna coins would be given back to his wallet. Every time, the exchange that the return of the coins’ is under process.

Dunamu had a word with the publication in which he explained that the firm is looking after the information of the proceedings. But, Upbit’s terms of service declare that the firm is not answerable for any losses experienced by investors, resulting in exchange sticking to laws.

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