More Korea FUD? UPbit Conducts Internal Audit to Dispel Fraud Allegations

Upbit, South Korea’s largest crypto exchange said that they have completed an internal audit that disproves suspicions of fraud.

The exchange, who was visited suddenly by financial regulators on fraud allegations has yet to publish their audit data, though they claim it demonstrates their coin holdings are real.

The Korean government’s raid on the exchange happened to coincide with Mt. Gox trustees selling another portion of liquidation funds. Together, these events resulted in days of price drops.

A Korean cryptocurrency news commentator wrote on Twitter,”We will see how the story unfolds, but I find it highly unlikely that UPbit would spin a narrative of innocence if they were under investigation where proof was easily seen through blockchain transactions,”.

This statement makes sense at face value, but of course, we will have to wait until the information is made public to make any judgments.