Korea’s Biggest Crypto Exchange Raided Over Suspected Fraud

Prosecutors in South Korea have reportedly raided the largest cryptocurrency exchange in the country, UPbit.

According to CoinDesk Korea, investigators from the Prosecutors’ Office of the southern district of Seoul, the country’s capital, searched the head office of the exchange in the Gangnam-gu district on May 10-11.

UPbit is suspected of fraud for allegedly selling cryptocurrency to customers that it does not actually hold, according to the report. “We have secured hard disks and accounting books through confiscation. Analysis is expected to take days,” the Prosecutors’ Office stated.

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