Authorities Raid Leading Korean Cryptocurrency Exchange Upbit

Bitcoin crypto miners

"We have secured hard disks and accounting books through confiscation".

Cryptocurrency exchanges have been under investigation in Korea since March.

South Korea houses a large percentage of the global market for cryptocurrencies-it ranks third in the whole world's largest markets for bitcoin trades.

Upbit was raided for suspected fraud in a joint action between the Korean Financial Intelligence Unit, Financial Services Commission and Seoul Police.

Reports indicate that the company's Gangnam District offices were searched by the Seoul Southern District Prosecutor's Office. That's why 10 investigators were sent to the exchange's head offices to get access to the computer system of the company with a view to audit its digital currency holdings. The exchange stressed that all customer services were available and their accounts safe.

Even more recently, the major crypto exchange known as CoinNest had its chief executive and co-founder detained on charges of fraud and embezzlement, shocking the entire online community and creating dips in the market as well.

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Reports indicate that the trading platform is suspected of fraudulent activity over inaccurate representations that it allegedly made regarding the amount of cryptocurrency it has in its possession. Late this week, regulators raided Upbit, the country's largest crypto exchange, on suspicion of fraud.

Some speculate that South Korean may institute a permitting process for cryptocurrency exchanges and ICOs, but, for now, they are choosing to carefully scrutinize those already in operation.

The South Korean government has been closely scrutinizing the role of cryptocurrencies in the economy, and their unregulated exchanges have been a primary target for their efforts.

Another user said he received about 1.8 million won worth of bitcoin in his wallet when he bought 3 million won worth of bitcoin, the similar problem was apparently shared by many other users.

Now, the exchange is being investigated by the local police for the illicit moving of customer funds to its executive account. As the market continues to mature, these events should grow fewer and farther between, and investors will grow a thicker skin.

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