Economic news

South Korea’s number one virtual currency exchange is suspected of fraud

Prosecutors in South Korea conducted a search in the office of Upbit, the largest virtual currency exchange, yesterday and today suspecting fraud, according to local news agency Yonhap.

Further details were not provided by the agency. Both the company and the Seoul’s financial investigation office were not ready to give comments.

Upbit informed its users that it works cooperatively with the officials and it guarantees the safety of all the funds stored by them.

Back in April four executives of the country’s two other exchanges were detained, which was linked to massive embezzlement.


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