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South Korea’s largest digital-currency exchange, UPbit came under investigation by local authorities, the latest in an expanding crackdown on cryptocurrencies. Investigators from the Prosecutors’ Office of the southern district of the country’s capital firstly appeared at the head office of the exchange on May 10. The investigations are still being conducted.
UPbit is a cryptocurrency exchange that is managed by a subsidiary of Korean tech giant Kakao. The cryptocurrency exchange is considered to be the world’s fourth largest and the Korean first largest exchange by its 24-hour trade volume. The cryptpcourrency exchange said it was “fully cooperating” with the authorities and added that customers could still execute trades and access their funds.
According to some sources close to the deal, UPbit is suspected of having faked its balance sheets and deceived inve...
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