South Korea’s largest cryptocurrency exchange, UPbit, said it has conducted an internal audit that disproves suspicions of fraud that have arisen in recent weeks. Last week, the South Korean police raided the headquarters of UPbit to investigate into the practices of the exchange after receiving anonymous tips that the exchange allegedly has been processing cryptocurrency trades without actually holding user funds.
An official police investigation into UPbit, the country’s largest cryptocurrency exchange, by the Financial Supervisory Service, Korea Financial Intelligence Unit, and local police is still ongoing. UPbit says that it will release a report on the results of the internal audit that will clear the exchange of any wrongdoing.
