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Last week, 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.
According to some sources close to the deal, UPbit is suspected of having faked its balance sheets and deceived investors. 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.
Now the further investigations and internal audits disproves suspicions of fraud, which confirms that t the exchange did not inflate its balance...
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