Korea’s Biggest Crypto Exchange UPbit Comes Out Clean in Audit after Raid

Korea’s Biggest Crypto Exchange UPbit Comes Out Clean in Audit after Raid

UPbit, as of now the greatest crypto trade in South Korea, told the truth out in a review report which demonstrated the trade had 100 percent of the sum its asset report illustrated.

Police Raid in May

On May 11, as CCN detailed, UPbit was attacked by neighborhood experts under the doubt of asset report control and expanded volumes. At the time, the Financial Services Commission (FSC), the principle money related guard dog of South Korea, and the Korea Financial Intelligence Unit (KFIU) anchored the hard circles and bookkeeping book os UPbit to assess claims from obscure sources that the trade is wiped out.

Four days ensuing to the strike, the UPbit group contracted Yoojin, one of the biggest bookkeeping firms in South korea, to approve the property of the trade and the organization’s monetary record. On May 15, Yoojin authoritatively cleared UPbit, reasoning that the possessions of UPbit precisely coordinated the measure of client stores recorded on its asset report.

“Since mid 2018, UPbit made previews of its multi-signature wallets and assets put away inside them for reviewing purposes. Yoojin bookkeeping firm, a noteworthy bookkeeping firm situated in Seoul, affirmed that the majority of the assets on the UPbit stage coordinate the digital currency possessions of UPbit put away in its multi-signature wallets,” neighborhood journalists said at the time.

In any case, notwithstanding the review report of Yoojin, the legislature did not discharge any extra data looking into it, driving financial specialists to estimate on the province of UPbit, the nation’s greatest crypto trade, and whether the trade is protected to use.

Today, on August 4, Dunamoo, a backup organization of Kakao, South Korea’s primary web combination that works KakaoPay, KakaoStock, KakaoTaxi, KakaoTalk, and KakaoStory, has discharged a report refering to the official review comes about discharged by Yoojin.

The report of Dunamoo stressed that UPbit holds 100 percent of client assets and 27 percent more than the digital money property of its speculator, all that anyone could need to repay each client on the stage.

Lee Seok-charm, the leader of Dunamoo, stated:

UPbit currently has the exact amount of money held by the platform’s investors along with additional funds, more than enough to compensate every investor. Hence, UPbit is able to process withdrawals for customers upon the request of its customers and the exchange will continue to release audit reports on a regular basis to prove its solvency.

Controversy Around UPbit Cleared

While UPbit released the review report of Yoojin three months prior, due the absence of an official proclamation from Dunamoo and the KFIU, speculators were dubious about the authenticity of the asset report and activities of UPbit.

The official articulation of Dunamoo discharged on August 4 has convincingly demonstrated the dissolvability of the organization, exposing the majority of the false allegations and reports around UPbit.

Because of the powerlessness of Bithumb to process stores and withdrawals for over multi month, UPbit has overwhelmed Bithumb to end up the biggest crypto trade in South Korea. Speculators expect Gopax, a cryptographic money trade upheld and contributed by the nation’s second most profitable business bank Shinhan Bank, to lead the digital currency trade market of South Korea in the up and coming months.


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