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South Korea police Raids the Country’s leading Crypto currency Exchange

The accuser has reportedly raided the largest crypto currency of South Korea. According to Korea, southern district of Seoul investigators from the Prosecutors’ Office, On May 10-11 the head office of the exchange searched in the Gangnam-gu district.

The report says “We have secured hard disks and accounting books through confiscation. Analysis is expected to take days,

“The Prosecutors’ Office stated and UPbit is assumed of fraud for purportedly selling crypto currency to customers which it does not actually hold.

An UPdit representative said when it has been asked for their comment, “At this time, I cannot answer anything about this seizure.”

The investigation in a note which was posted today stated that its services are still functional, the exchange website confirmed and he states that:

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.”

The country’s authorities is been investigating crypto currency exchanges amid strict regulatory.

The three crypto currency exchanges were attacked by the prosecutors in month of March on disbelief of siphon off funds from customers’ accounts.

One of the exchanges raided was Coin nest, the fifth largest in Korea at the time. Kim Ikhwan, the firm’s founder, and another executive were taken into custody in early April.




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