South Korea’s biggest cryptocurrency exchange not at fault
South Korea’s biggest cryptocurrency exchange not at fault

Working in the cryptocurrency market can be a tricky thing as there is always a fine line between gaining profit and manipulating digital assets. It seems that UPbit, a South Korean cryptocurrency exchange, was on the verge of losing this balance as its executives have been recently charged with fraudulent actions. A fraud lawsuit against one of the Asian country’s biggest cryptocurrency exchanges has been filed to the Supreme Court of South Korea. UPbit executives were charged with making around 30 fraudulent transactions and other actions to attract more clients and inflate trading volume. However, after a thorough investigation, all the charges were dismissed. It is stated that the spot price of Bitcoin was not influenced by the company’s management actions. The Asian crypto exchange was accused of manipulating private digital assets and providing misleading market information. The prosecutors believe that UPbit sold more cryptocurrencies than the amount they actually had reported. What is more, the company was allegedly falsifying its records to mislead investors. However, the results of the audit examination revealed that there was no balance sheet manipulation detected. 

Published: 2020-02-10 09:25:36 UTC
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