RATE Group | Bitcoin Investor Relief As Korean Crypto Exchange Cleared — But Bears Remain
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Bitcoin Investor Relief As Korean Crypto Exchange Cleared — But Bears Remain

05 Aug Bitcoin Investor Relief As Korean Crypto Exchange Cleared — But Bears Remain

Posted at 23:08h in Bitcoin News by

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A screen shows the price of bitcoin at a virtual currency exchange store in Seoul, South Korea. (Photo by Seung-il Ryu/NurPhoto via Getty Images)

A report confirming that bitcoin exchange UPbit, now the biggest crypto exchange in South Korea, is storing 100% of its bitcoin and cryptocurrency balance sheet has sent a wave of relief over worried investors after the exchange was raided by local authorities in May.

At the time there were concerns UPbit was manipulating its balance sheet and inflating its trading volumes.

As part of the raid, South Korea’s financial watchdog the Financial Services Commission (FSC), along with the Korea Financial Intelligence Unit (KFIU), seized hardware and documents from UPbit to evaluate claims from unknown sources that the exchange was insolvent.

Yoojin, one of South Korea’s largest accounting firms, was hired to evaluate UPbits accounts and found it to have the required funds, but questions remained over the…

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